Crest Nicholson has lowered its annual profit forecast for the second time in the space of a few months due to the “continued weakness” in the housing market.

The £780million-turnover housebuilder in a trading update today said it now expects its adjusted pre-tax profit for the year to 31 October to be “in the range of £45m to £50m”. This follows a previously lowering of its forecast in August from £73.7m to £50m.