Persimmon expected to axe 1,000 staff

07-07-2008

Persimmon expected to axe 1,000 staff
Housebuilder Persimmon is set to cut 1,000 jobs, according to a report in the Telegraph.

The troubled property developer is due to issue a trading statement tomorrow, which will confirm how many of its 5,000-strong workforce will be made redundant.

The expected announcement follows jobs cuts from rival developer Barratt, which said last week 1,000 staff would be axed.

Taylor Wimpey has axed 900 jobs and construction company Galliford Try has cut 260 staff.

If Persimmon does lay off as many staff as is expected, the property sector will see over 3,000 jobs lost in a week.

Housebuilders have been suffering from the property slowdown and several have put new developments on hold as they struggle to sell existing property.

A combination of falling prices and difficulty in securing credit has depressed transaction volumes.

New-starts on new-build residential homes are now at their lowest level since 1945, according to Construction Products Association (CPA).

Barratt is also due to issue a trading statement this week and is expected to announce writedowns of £100 million, according to the Sunday Telegraph.

Persimmon's share price stood at 221.25p by 08:39 BST this morning, a 6.25 per cent decline. Last August, shares were trading at a high of £13.02.

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