Share Search
Visit the Share Search
Crest Nicholson to start reopening sites on May 18
13th May 2020 08:14
(Sharecast News) - House builder Crest Nicholson said it would begin a phased restart of work on its sites from May 18 as the government's coronavirus lockdown measures eased.
The company on Wednesday said it had continued to take moderate numbers of new sales and have also been able to process legal completions since early April.
It added that at April 30 net debt was ?93.6m compared with ?68.3m a year earlier and the company had ?255.2m cash at bank.
Most firms in the sector have now announced a resumption of work having been forced to stop construction and shutter sales offices as the government imposed restrictions to stop the spread of the Covid-19 pandemic.
AJ Bell investment director Russ Mould said the need to get Britain building again "is arguably pretty acute as even a short disruption could set back attempts to build enough new homes to meet demand over the long term".
"Several builders have started to resume activity on site, with Crest Nicholson today the latest to announce its plans to do so. Crest Nicholson is a bit behind the curve with some of its peers already having been back at work in some fashion for several weeks.
"Taylor Wimpey's update this morning feels like a further significant step towards some kind of normality as it announces plans to reopen sales offices and show homes. This move is accompanied by measures we may have to get increasingly used to in the coming months with pre-booked appointments, perspex screens and social distancing markers likely to be part of the new normal across a range of sectors.
"The next question will be whether people feel confident enough to buy and sell homes in the current uncertain environment. The fact several builders managed to complete transactions and take reservations through the lockdown suggests an impressive degree of resilience in the housing market."
The company on Wednesday said it had continued to take moderate numbers of new sales and have also been able to process legal completions since early April.
It added that at April 30 net debt was ?93.6m compared with ?68.3m a year earlier and the company had ?255.2m cash at bank.
Most firms in the sector have now announced a resumption of work having been forced to stop construction and shutter sales offices as the government imposed restrictions to stop the spread of the Covid-19 pandemic.
AJ Bell investment director Russ Mould said the need to get Britain building again "is arguably pretty acute as even a short disruption could set back attempts to build enough new homes to meet demand over the long term".
"Several builders have started to resume activity on site, with Crest Nicholson today the latest to announce its plans to do so. Crest Nicholson is a bit behind the curve with some of its peers already having been back at work in some fashion for several weeks.
"Taylor Wimpey's update this morning feels like a further significant step towards some kind of normality as it announces plans to reopen sales offices and show homes. This move is accompanied by measures we may have to get increasingly used to in the coming months with pre-booked appointments, perspex screens and social distancing markers likely to be part of the new normal across a range of sectors.
"The next question will be whether people feel confident enough to buy and sell homes in the current uncertain environment. The fact several builders managed to complete transactions and take reservations through the lockdown suggests an impressive degree of resilience in the housing market."