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(Sharecast News) - Shares in Crest Nicholson soared in morning trading on Wednesday, after the housebuilder reported a spike in sales following a disappointing end to 2025.
The housing market was hit hard at the end of last year, as widespread speculation in the long build-up to November's later-than-normal Budget weighed heavily on consumer sentiment. December is also traditionally a quiet month for the industry.
However, updating on trading ahead of the annual general meeting, the FTSE 250 housebuilder said that following the weak trading conditions in the second half of 2025, it had seen a "sustained improvement" in the sales rate since January, supported by "encouraging" levels of customer enquiries.
In the 10 weeks to 20 march, the open market exchange rate (excluding bulk) was 0.64, up on the 0.61 seen across all of 2025.
Crest Nicholson left its guidance for the year unchanged. However, that did not stop the stock rising sharply as trading got underway, and by 0845 GMT the shares were up 12% at 111.9p.
The firm continued: "We have made strong progress repositioning the business from a volume housebuilder to a mid-premium, customer-focused developer.
"Progress has continued in reshaping the land bank, with one further land disposal from a larger site so far in the financial year. Operationally, improved processes and governance are driving greater efficiency with the divisional restructuring announced in November now completed."
Looking to the wider macroeconomic impact of war in the Middle East, Crest Nicholson said it had yet to see any material impact on trading, though confirmed it was "alert to the potential risks".
The group is due to publish results for the six months to 30 April on 11 June.
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