HousebuilderCrest Nicholson offered the latest sign that soaring interest rates are set to strangle housing supply, as it warned its profits will be much lower than previously expected.
With mortgage interest rates rising to 15-year highs last month, and with the most drastic impact being felt by first-time buyers, demand for new builds has plummeted. Rates have fallen back in recent weeks with major lenders cutting their prices on multiple occasions, but still remain much higher than they had been before the global financial crisis.
