UK housebuilder Vistry warns of ‘significantly’ lower profits amid Iran war uncertainty

Vistry said the war in Iran had ‘created some upward pressure’ on the costs of building materials and wages. Photograph: Andrew Matthews/PA

One of the UK’s biggest housebuilders has said its profits will be “significantly” lower, as it was forced to cut prices after heightened uncertainty caused by the US-Israeli war on Iran.

Vistry’s shares plunged 10.5% in early trading on Wednesday, hitting their lowest level in nearly 15 years, as it told shareholders its first-half profits would be hit by the fallout from the Middle East conflict.