UK homebuilder shares tumble after Crest Nicholson cuts annual profit outlook

LONDON, Aug 21 (Reuters): UK homebuilder shares tumbled on Monday, set for their biggest one-day drop in over six weeks, led by a 14.9 per cent fall in Crest Nicholson shares which plunged after the residential housebuilder cut its full-year profit view.
By 0725 GMT, an index of London-listed homebuilders was down 3.2 per cent. It underperformed the FTSE 350 which was up 0.1 per cent and was on track for its biggest monthly drop since last September.
Crest Nicholson lowered its annual profit expectations in the wake of challenging trading conditions as high interest rates and sticky inflation drove homebuyers away.