Crest Nicholson's half-year profit soars as domestic housing demand firms

(Reuters) -UK Housebuilder Crest Nicholson's adjusted pre-tax profit more than tripled in the first half of the year, it reported on Thursday, as rising consumer confidence and declining mortgage rates boosted demand in the domestic housing market.

Britain's near four-year high unemployment rate in the three months to April has raised hopes for another round of interest rate cuts by the Bank of England, which analysts say will lead to lower mortgage rates and better affordability in the UK housing market.

"The housing market continues to show signs of stabilisation with an incrementally easing planning system, improving affordability and strong support from lenders," CEO Martyn Clark said in a statement.

Crest reported adjusted pre-tax profit of 7.9 million pounds ($10.71 million) for the six months ended April 30, up from 2.6 million pounds a year ago.

On Wednesday, British finance minister Rachel Reeves announced an additional 10 billion pound investment in the housing sector, which came on top of a 39 billion-pound 10-year programme announced earlier in the week.

($1 = 0.7376 pounds)

(Reporting by Yamini Kalia in Bengaluru; Editing by Tasim Zahid and Eileen Soreng)