Large house builder cuts 50 jobs as it plans transition to mid-premium market

“While this has unfortunately involved some redundancies, some of which will be implemented in the 2026[-27] financial year, these changes were strategically necessary to create a more focused and efficient operating model, and will help reduce our overhead costs going forward, as part of Project Elevate,” the group said.

The firm’s update revealed it returned to profit in its latest full-year update. Pre-tax profit was £2.9m, compared to a loss of £145.8m the previous year caused by fire safety remediation costs.

Crest Nicholson reported 1,691 home completions in 2025, of which 437 (26%) were from affordable tenures. However, the overall figure was a 9.7% drop on the previous year’s total. 

Demand for Section 106 affordable homes “remained weak” throughout 2025, according to the house builder.

In its full-year results, the firm also set out why it intends to transition into the mid-premium market.

Martyn Clark, chief executive officer, said: “This housing segment has consistently demonstrated greater resilience and stronger performance than the traditional volume-led housebuilding market, particularly through periods of economic uncertainty.

“Demand in the mid-premium segment is supported by more affluent, less price-sensitive buyers, resulting in steadier sales rates and firmer pricing.”

The company said conditions at the start of the 2026 financial year “mirror the subdued conditions” seen in the second half of 2025.

But it added: “Since Boxing Day, forward indicators, including website visits, enquiries and appointment conversion, show early signs of improving activity levels.

“January sales rates have strengthened, supported by improving customer engagement as interest rates gradually ease, affordability improves and our enhanced customer proposition gains traction.”

Mr Clark said: “While the housing market remains subdued, we are starting to see some early signs of improvement. Interest rates are easing and inflation has moderated, which should gradually support affordability and consumer confidence. 

“With these fundamentals improving, and with our deliberate and differentiated strategy, Crest Nicholson is well positioned to deliver a year of profitable growth and make progress towards our medium-term targets.”