Shares in Crest Nicholson Holdings PLC (LON:CRST) were under pressure in early deals as the house-builder indicated the boom times for central London were over.
Unit completions in the year to the end of October totalled 2,935, up 2.3% year-on-year.
READ: Crest Nicholson expects 10% full year revenue growth as it raises property prices
The average selling price (ASP) rose 5.4% to £391,000 from £371,000 the year before, which represents a dramatic slow-down from the first half, when the ASP was up 12% year-on-year to £418,000.
Forward sales rose 13.6% to £391.4mln from £344.5mln the previous year. The group expects reported sales for the year just ended to be 6-7% higher than the previous year.
Earnings before interest and tax (EBIT) margins are expected to be in line with management's previous guidance, which was for a result at the top end of the 18-20% range.
READ: Housebuilder Crest Nicholson says trading environment has “remained generally robust"
The company said the housing market was “generally robust” across its main operating areas, and although central London transactions are suffering from some volume and price weakness, other parts of the country continue to see moderate growth in house prices.
“The business continues to increase the number of homes built and carries positive momentum into 2018 with strong forward sales. Our latest new division in the Midlands is up and running, more outlets are being opened and we continue to pursue the disciplined expansion of the group's land pipeline for the future,” said Stephen Stone, chief executive of Crest Nicholson.
“The new build housing market continues to be robust and Crest Nicholson remains well positioned to grow volumes and deliver the homes that the UK needs while meeting our ambitious target of £1.4bn sales in 2019," he added.
The shares were down 5.4% at 491p in early deals.