Crest Nicholson

What Crest Nicholson does

Crest Nicholson Holdings Plc (LON:CRST) is a publicly listed UK housebuilder founded in 1963 and headquartered in Cobham, Surrey, operating across more than 40 English counties with 501-1,000 employees. The company constructs and sells new build residential homes, primarily 2-5 bedroom houses and apartments, ranging in price from approximately £180,000 to over £750,000, and designs them with energy-efficient features including A/B EPC ratings, solar photovoltaic panels, EV charging points, smart thermostats, waste water heat recovery, and high-efficiency insulation. Roughly 30% of units per development are designated as affordable housing under Section 106 planning requirements, delivered through shared ownership, First Homes, and related government-backed schemes.

The company operates a direct-to-consumer go-to-market model via on-site sales suites at each development, supplemented by an e-commerce website with property search, virtual tours, and online reservations, plus listings on Rightmove and Zoopla. Revenue is generated primarily from one-time open market home sales (£610.8 million in FY25 from 1,691 completions), with secondary streams from affordable housing unit sales and land sales (which were cut to approximately £40 million as cash preservation took priority). Crest Nicholson offers an unusually broad set of buyer-assistance schemes — Part Exchange, SmoothMove, Deposit Boost, Family Cashback, Own New Rate Reducer, and First Homes — designed to reduce friction for first-time buyers and upsizers, alongside its Arteva upgrade sub-brand for interior customization.

Under Project Elevate, the company is repositioning from a volume housebuilder to a mid-premium, customer-focused developer, targeting over 2,300 completions and gross margins above 20% by FY29. The current operating environment is acutely challenged: an April 2026 profit warning cut FY26 PBT guidance by 66-89% to £5-15 million, completion guidance to 1,400-1,500 units, prompted a 37-45% single-day share price decline, and triggered covenant relaxation negotiations with lenders as net debt is projected to reach £100-120 million. Shares have lost approximately 90% of their value since their 2017 peak, and the company has executed Chiltern division closure plus approximately 50 headcount reductions to align capacity with subdued market conditions.

Name

Crest Nicholson

Legal name

Crest Nicholson Holdings Plc

Website

https://crestnicholson.com

Company type

Public

Founded year

1963

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Crest Nicholson is a publicly listed UK housebuilder (LON:CRST) constructing and selling 2-5 bedroom new build homes across more than 40 English counties, serving first-time buyers, families, and affordable housing purchasers via direct sales suites, online channels, and government-backed buyer-assistance schemes.

Ownership category

akta.pro rank

Product category

Residential Homebuilding

NAICS

New Housing For-Sale Builders (236117)

SIC

Operative Builders (1531)

akta.pro primary industry

Residential General Contracting (New Build) (IMAFAAAB)

akta.pro secondary industries

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE), Residential Luxury / High-End Home Construction (IMAFABAJ)

Keywords

• Residential homebuilding
• New build homes
• Energy efficient housing
• Affordable housing schemes
• Home buying assistance

Headquarters

HQ city

Chertsey

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure, Others

Revenue model

1. Open Market Property Sales: Primary revenue stream from selling new build homes to private buyers on the open market. Revenue was £610 million in FY25 from 1,691 home completions. Homes range from apartments to 5-bedroom houses with prices from £180,000 to over £750,000 depending on location and size.
2. Affordable Housing Sales: Sales of affordable homes including shared ownership properties and First Homes scheme properties at discounted prices. The company designates typically 30% of developments as affordable housing per Section 106 planning requirements.
3. Land Sales: Sale of land bank plots to generate revenue. Land sale revenue was cut to approximately £40 million from a previous expected range of £75-100 million due to market uncertainty and reduced land purchaser sentiment.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Crest Nicholson is a UK-focused housebuilder that develops and sells new build residential homes — primarily houses and apartments ranging from 2 to 5 bedrooms — across the Southern half of England. The company constructs energy-efficient homes with premium specifications (Symphony kitchens, Bosch appliances, Porcelanosa tiling) and supports purchases through multiple buying schemes including Part Exchange, SmoothMove, Deposit Boost, First Homes, and Shared Ownership. The company designates around 30% of each development as affordable housing under Section 106 planning requirements.

Product overview

Crest Nicholson is a UK-focused housebuilder offering new build residential homes across England. The core product consists of houses and apartments ranging from 2 to 5 bedrooms, available through open market sales and affordable housing schemes. The company's product portfolio centers on new home construction with the Arteva sub-brand providing customization options. Crest Nicholson supports home buying through multiple buyer schemes including SmoothMove, Part Exchange, Deposit Boost, Family Cashback, Own New Rate Reducer, First Homes, and Smart Own shared ownership. The company is implementing its Project Elevate strategic initiative to transition from a volume housebuilder to a mid-premium, customer-focused developer, targeting over 2,300 completions and gross margins above 20% by FY29.

Differentiator

Problem solved

Functional benefit

Brands

• Arteva by Crest Nicholson: Premium upgrades range offering interior style choices including hot water taps, stylish black bathrooms, additional plug sockets and more.
• Project Elevate

Products and services

• New Build Homes

Quantifiable outcome

• Homes up to 65% more energy efficient than older properties, leading to lower utility bills
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

One partnership is on record.

• Legal & General Affordable HomescoreStrategic or Co-development Partner · 20 October 2025Partnership to deliver the Smart Own Shared Ownership scheme at Sketchley Gardens development in Nuneaton. The scheme helps people onto the housing ladder by allowing eligible buyers with household income under £80,000 to purchase up to 75% of a property and pay subsidized rent on the remaining share.

Scale indicators14 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Redrow plc: Redrow is a UK housebuilder focused on premium family housing with a heritage brand ("Arts & Crafts" style). Its premium positioning makes it closely comparable to Crest Nicholson's Project Elevate mid-premium pivot.
• Persimmon plc: Persimmon is one of the UK's largest volume housebuilders, building new homes across England, Wales and Scotland. Directly comparable to Crest Nicholson in product offering (2-5 bedroom homes), buyer segments, and exposure to UK housing cycle.
• Taylor Wimpey plc: Taylor Wimpey is a top-tier UK housebuilder with similar geographic footprint across England. Comparable in scale, product mix, and dependence on open-market private housing demand.
• Bellway plc: Bellway is a UK-focused volume housebuilder with similar product mix and exposure to first-time buyers and family movers. Closely comparable on revenue scale, completion volumes, and operating geography in Northern/Central England with some Southern exposure.
• Vistry Group plc: Vistry is a UK housebuilder with a heavy tilt toward partnership housing (affordable/shared ownership) alongside private sale. Its mixed-tenure model and partnerships with housing associations are comparable to Crest Nicholson's Section 106 affordable allocation.
• Berkeley Group Holdings plc: Berkeley is a premium London/South East-focused housebuilder. Its higher-end positioning and Southern England concentration make it comparable to Crest Nicholson's aspirational premium geography, although it operates at a higher price point.
• Barratt Developments plc: Barratt is a leading UK housebuilder offering similar product types and customer segments. Comparable on scale, geographic reach, and mixed affordable/private housing model (via partnerships with housing associations).

Emerging players

• MJ Gleeson plc: MJ Gleeson focuses on low-cost family housing in the North/Midlands. A smaller-volume, regional peer with similar new-build residential model but different price point and limited Southern exposure versus Crest Nicholson.
• Countryside Partnerships (Vistry): Once independent, Countryside is now part of Vistry and operates the masterplanned community / partnerships model. Comparable in affordable housing delivery and Section 106 obligations mirrored across UK developers.
• Cala Group: Cala is a UK premium housebuilder focused on higher-spec family homes, private and partial. Comparable to Crest Nicholson's "Arteva" premium upgrade positioning and mid-premium transition strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/crestnicholson
• LinkedInlinkedin.com/company/crest-nicholson
• Facebookfacebook.com/CrestNicholson

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Crest Nicholson