Crest Nicholson has revealed it swung to a loss as it warned that the housing market remained under pressure from slower activity and weaker consumer confidence.The housebuilder reported a pre-tax loss of £35.2 million for the six months to the end of April, down from a profit of £9.4 million the year before.It also lowered its profit outlook for the year after flagging challenging market conditions over the second half of 2025.This was partly because of speculation that Chancellor Rachel Reeves was considering changing property taxes in the autumn budget, creating uncertainty ahead of announced changes.The shake-up largely targeted expensive homes through a council tax surcharge, and landlords by raising taxes on property income.R4KW2A Crest Nicholson house builders blue flag flying on construction site in BirminghamCrest said there was an “encouraging uplift” in sales activity from mid-January to the end of March, before confidence took a hit from wider political and economic uncertainty.This has triggered a slowdown in new inquiries and visitor levels as well as a softening in sentiment among land buyers who have become more cautious about the outlook, according to the business.Building material prices remain about 3%-4% higher on average.Crest said it was taking action to reduce land buying in response to the challenges, and slowing the pace of activity at new developments.It was also encouraged by supportive elements of the housing market such as Government targets to increase housebuilding.But it said it was now expecting full-year underlying earnings to come in at the “lower half” of the previously guided range, between £5 million and £15 million, having slashed the outlook in April.Crest previously hoped to shore up its finances by seeking temporary relaxation of the terms of its agreements with lenders.The latest update sent its share price down by about a 10th on Thursday morning.