Housebuilder Crest Nicholson is to review “all cash commitments” next year as it faces up to a diminishing cash position in light of the weakening housing market, executives at the business have said.

The firm’s group finance director Duncan Cooper told analysts yesterday that Crest would likely end the year with less than £100m in net cash after the firm reported that sales had dried up in recent weeks in the face of soaring interest rates.

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