Trading Statement

Crest Nicholson PLC
15 November 2004

15th November 2004

                              Crest Nicholson Plc
                           Year End Trading Statement

Crest Nicholson Plc (Crest) the residential and mixed use development company,
is providing the following trading update in advance of its results for the 12
months to 31st October 2004.

TRADING PERFORMANCE
For the year ended 31st October 2004, we expect to announce record profits in
line with the Board's expectations. As anticipated, we have maintained our
composite margin for the full year at a level similar to that reported for the
first half.

HOUSING
As planned, we have achieved an increase of c.30% in the number of housing units
sold and have more than doubled the affordable homes sold to over 700.

The mix effect of the substantial increase in the number of affordable homes
sold has, as expected, reduced the average sale price to c. £210k (FY03 £239k).

The number of open market net reservations for the year was 10% up on 2003.

MIXED USE COMMERCIAL
In the second half, two smaller buildings at Bristol Harbourside, for which we
had already secured lettings to Marks & Spencer, Gala and Accor hotels, have
been sold to Canada Life. These sales secure profits mainly for 2005 and 2006.

URBAN REGENERATION
Good progress has been made in delivering our urban regeneration strategy.
In September, we announced our appointment as lead developer for the £500m
development of the Oakgrove Millennium Community in Milton Keynes. In October, 
we announced a partnership agreement with Grosvenor for the £1bn regeneration of
Bath Western Riverside.

LAND BANKS
Even though we have been progressively tightening our land buying criteria for
more than a year and have increased the number of units sold in 2004 by c.30%,
the short term land bank has been successfully maintained at over 5 years
supply. It now stands at about 15,000 plots.

Our strategic land bank continues to offer excellent prospects for future
profits; at Huntsgrove, Gloucester, where we control 2,500 plots, the first
1,000 have been recommended for inclusion in the local plan. Good progress is
being made with two further strategic sites.

MARKET OUTLOOK
Customers are now more cautious following a succession of interest rate rises
and the rate of house price inflation has abated. However, the fundamentals of
the market remain good. Customer confidence is supported by low unemployment
and, as concluded in the Barker Report, there is a continuing shortage of supply
in Southern England where we operate.

The Board took important decisions in previous years to increase the volume of
affordable houses, to move our open market average sale price towards the
broader mid market and to push hard to develop our urban regeneration business.
The success of these moves leaves us well positioned in a less buoyant market.


Enquiries to

John Callcutt, Chief Executive                   Andrew Fenwick/Kate Miller
Peter Darby, Finance Director                    Robert Gardener
Crest Nicholson Plc                              Brunswick Group LLP
Tel: [phone]                                Tel: [phone]



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