Crest Nicholson has rejected two takeover offers from rival housebuilder Bellway in the last two months.

The two housebuilders revealed the double approach in statements to the stock market this morning and last night.

Bellway, which has a turnover of £3.4bn, made an offer to buy the entire share capital of its smaller rival £900m-turnover Crest Nicholson on 7 May.