Builder Persimmon today axed 2000 jobs as it fights the worst slump in the housing market for 30 years. the firm has cut 1100 of its full-time workforce since the start of the year and plans to lay off 900 temporary staff. It followed 1000 job cuts at rival Barratt Developments and 900 at Taylor Wimpey - with hundreds more expected at the likes of Bovis Homes and Redrow before the bloodletting is over.
Persimmon also said house sales fell 31% in the first half of the year with the average selling price down from £189,255 to £181,500, leaving revenues 34% down on last year. Shares in the housebuilding sector have crashed by around 90% since early last year as the housing boom ground to a halt.
