The builder Crest Nicholson has warned that profits will be lower than it originally thought.

It expects to make pre-tax profits of between £170m and £190m for the year which ends 31 October.

In June it forecast a profit of £205m.

"The market environment for new homes in London and at higher price points in the South of England is more difficult than previously anticipated, where sales have not picked up during the traditionally stronger early Autumn selling season," it said in trading update.

Chief financial officer, Robert Allen, is stepping down.