Major housebuilder Crest Nicholson is expecting to report an operating loss for 2026

In a trading update published on 3rd September, it forecast a full year loss before interest and tax of around £10million.  This was due to lower expected completions following weaker open-market demand, and continued competitive pricing, particularly in bulk transactions.  Provisions against reductions in net realisable value had also been made on a small number of sites.  In a further update published on 30th September, the company announced that an extension of its current interest cover covenant waiver had been agreed with lenders until 30th November 2026.  It added that it remained "in constructive discussions with its lenders to amend its covenants and ensure that it has an appropriate level of funding and liquidity going forwards".