Crest Nicholson has said the 270 basis points dip in its first half operating margin was the trade-off around its strategy to create “certainty” in the business by reducing its forward sales risk.

The housebuilder, which earlier this year revealed that ex-Galliford Try boss Peter Truscott would become its chief executive in September, said its plan to reduce forward sales risk via an increased proportion of pre-funded, pre-sold homes to private rental sector investors and registered providers had resulted in a 15% increase in its total forward sales position, albeit at a cost to its operating margin.