High property demand helps Crest make £553m float on London stock market

British housebuilder Crest Nicholson made a triumphant £553m stock market flat in London on Wednesday, signalling good news for UK firms.

It was the biggest float since Direct Line insurers launched last month, with major investors flocking to buy up shares.

High demand helped the 50-year-old firm float near the top of its range, securing 220p, but shares quickly shot up 10% reaching highs of 353p.

Crest’s success has now send pulses racing across the City, with eyes looking to a sting of other listings set to take place later in the year. These include fellow construction company McCarthy & Stone and London Eye owner Merlin Entertainments.

The stock market float is Crest’s second, with the firm originally listing at the height of the market in 2007 before amassing debts worth £1.2bn. But the housebuilding sector’s resurgence in recent years has been strong with FTSE 350 companies going up more than 40% in 2012.