Shares in Crest Nicholson tumbled by more than 7% this morning after the housebuilder warned pre-tax profit for the current year would be down by up to 22%.

The housebuilder said its pre-tax profit for the 2018/19 financial year was expected to be between £120m and £130m, versus previous expectations of £153m, as it bore the brunt of tough trading conditions and write downs on a number of developments in London.