(Reuters) - British homebuilder Crest Nicholson raised its annual profit forecast and said its sales would grow even as the government gradually tapers stamp duty breaks aimed at propping up the housing market during the pandemic.
In July 2020, the threshold at which homebuyers in much of Britain would pay stamp duty - or property purchase tax - was raised from 125,000 to 500,000 pounds ($175,000-$700,000).
The midcap company raised its forecast for its 2021 adjusted profit before tax to at least 100 million pounds, from a previous forecast of 95 million pounds.
That would represent a rise of about 118% versus last year, when it made 45.9 million pounds of profit.
Another British homebuilder, Vistry - which has a relatively higher exposure to lower-priced homes - will see earnings growth slow to 17% next year, according to the Refinitiv forecast data.
Crest Nicholson, “, Nicholson, ”
London, England, Britain, British