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BreakingCrest Nicholson profit warning

The builder Crest Nicholson has warned that profits will be lower than it originally thought.

It expects to make pre-tax profits of between £170m and £190m for the year which ends 31 October.

In June it forecast a profit of £205m.

"The market environment for new homes in London and at higher price points in the South of England is more difficult than previously anticipated, where sales have not picked up during the traditionally stronger early Autumn selling season," it said in trading update.

Chief financial officer, Robert Allen, is stepping down.

Mortgage demand steady despite rate rise

Kevin Peachey

Personal finance reporter

Monopoly pieces on cash

A rise in the Bank rate in August had little effect on the number of mortgages advanced during the month, new figures show.

The Bank of England increased its benchmark interest rate for only the second time in a decade, up from 0.5% to 0.75%.

There were 38,000 new mortgages completed by home movers during August, some 2.3% down on the same month a year earlier, according to lenders' trade body UK Finance.

This suggests some may have locked in a fixed rate deal in the build up to the widely predicted Bank rate rise.

The number of loans advanced to first-time buyers was up by 2% to 35,500 in August. On average, these borrowers were aged 30 and had a gross household income of £42,000.