The house builder was due to open a third new division next year as part of its growth strategy launched in 2021 which has seen new operations established in Yorkshire and East Anglia,

Plans for the latest division have now been deferred “until further notice” while the firm added it “will adjust the expected pace of growth across its existing divisions.”

Peter Truscott, Chief Executive said: “We are pleased to have mobilised operations in Yorkshire and East Anglia with strong teams in place and good opportunities in these regions.

“However, given the well-publicised economic conditions we believe it is the right decision to defer the planned opening of a third new division and adjust the pace of growth in our existing ones until a more stable environment returns.

“The UK is clearly facing a challenging macro-economic outlook, however we remain confident in the long-term fundamentals of the UK housing market. The strength of our balance sheet underpins this conviction and the delivery of our medium-term growth strategy.”

Crest said full year 2022 profits are still on track to hit previous guidance of £135m- £1400m.

Truscott said: ‘We continue to make good progress against our strategy with further revenue growth, operating margin expansion, an increase in return on capital employed and excellent cash generation throughout the year.”