Crest Nicholson has said its annual profit will be at the lower end of its expectations, as its chief executive pledged a “year of transition” in 2025 to focus more on private sales.

The housebuilder, in an update for the year to 31 October, said its adjusted pre-tax will be towards the bottom of its expected £22m to £29m range.

It said this is due to a higher proportion of affordable homes delivered, and also due to the fact it is continuing to “trade out of low margin sites”