Bellway has been given an extension to its deadline to announce a firm intention to takeover Crest Nicholson.

Watchdog The Panel on Takeovers and Mergers has agreed to extend the deadline, originally set for today, until 20 August. Bellway must either announce a firm intention to make an offer by then or rule out making an offer, under merger code rules.

A spokesperson for Bellway said: “Good progress has been made on reciprocal due diligence with a number of elements satisfactorily completed by both parties.