Crest Nicholson Holdings Plc has reversed its previous profit guidance and now expects to record a full-year loss of approximately £10 million ($13.5 million) before interest and tax. The UK homebuilder cited a subdued housing market and lackluster pricing as key factors behind the downgrade. Previously, the company had projected a profit between £5 million and £10 million.

Additionally, completions for the year are now expected to fall between 1,350 and 1,400 homes, down from a prior forecast of up to 1,500. The company’s shares plummeted following the announcement. The shift underscores ongoing challenges in the UK housing sector, where demand and pricing have struggled to recover.

The development comes as broader market conditions continue to weigh on construction and property firms across the region.