Homebuilder Pulls Out of ‘Challenged’ Central London Market

Crest Nicholson Holdings Plc dropped a sales target for next year and said it will exit central London, as the slowdown in the U.K. capital’s housing market starts to hit homebuilders. Chief Executive Officer Patrick Bergin said in a statement that pricing is flat across the group and construction costs are rising, affecting margins. London’s housing market is in flux, with prices falling even as the government’s interest-free loan program boosts demand for homes below 600,000 pounds.