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Builder Crest Nicholson says stamp duty cut boosted forward sales

Reuters - UK Focus

LONDON, May 19 (Reuters) - British housebuilder Crest (BSE: CREST.BO - news) Nicholson said on Tuesday that strong demand in the housing market thanks to a cut in stamp duty property tax helped to boost its forward sales over the last six months.

In December, Britain cut the unpopular tax on nearly all property purchases overnight, which Crest Nicholson said helped forward sales rise 25 percent to 1,786 units in the six months to April 30th.

The housebuilder, which built over 2,530 homes in 2014 in London, south Wales and southern and eastern England where it operates, said increased competition in the mortgage market had also helped boost performance. (Reporting By Costas Pitas; editing by Sarah Young)