On Monday, shares of British real estate developers fell sharply, likely marking the biggest single-day decline in six weeks, after Crest Nicholson lowered its full-year profit outlook, causing its stock to plummet by 14.9%.
![20230821-163144](https://production-app-asset.traderknows.com/images/bcc11946fc3c4bc693146c9ecbd5bc9b.width-800.jpg?Expires=1724638264&Signature=Qx0JWyXimk1usf4Tho0k28YHl-WlmgL-BUq2truW7LDE41DB0hqMr2XGk87GCs3R60aae84z8bS~LsuCBYER9fMX7isOKakQHt2HcBO4jKmDLBH-LKp8tYzzdGGPIv7UxJGqvRtwokoCYGJQSjiyDPpb9SAQMreyL-hXIi~oH1-L2ToZYVdbd1SduUA48VEwj8wFzB7axqAwxyJh5yIyObJD59P7RCEnx7OS4pcSDt04CL5RIeLXa03SikDla3WiWDoHVBl97p2pNiDk2OD5oraQHn7Tq-vWjqXZuYGAMr25GWqS3i0-txfqWHXM3DhOP988ZpGALLuUruFUqdWu8w__&Key-Pair-Id=K3LHBTUA5A7KEY)
As of 07:25 Greenwich Mean Time, the index of London-listed real estate developers fell by 3.2%, underperforming the market. In comparison, the FTSE 350 index rose by 0.1% and might reach its largest monthly decline since September of the previous year.
The trading environment, afflicted by high interest rates and persistent inflation, led to a sharp decrease in the number of homebuyers, prompting Crest Nicholson to lower its annual profit expectations.
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According to industry surveys, sellers have reduced their price expectations for their properties due to rising mortgage costs, resulting in a significant drop in the asking prices for homes in the UK this month.
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