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Persimmon makes 1,100 UK job cuts Persimmon makes 1,100 UK job cuts
(10 minutes later)
UK housebuilder Persimmon says it has shed about 1,100 jobs since the start of the year as tries to deal with the downturn in the housing market.UK housebuilder Persimmon says it has shed about 1,100 jobs since the start of the year as tries to deal with the downturn in the housing market.
Completions of house sales in the first six months of the year were down 30% it said, during the "most challenging period in our recent history". Completions of house sales in the first six months of the year were down 31% it said, during the "most challenging period in our recent history".
It said that falling confidence and the greater difficulty in getting a mortgage had dented its business. Difficulty getting mortgages and lower confidence had hit business, it said.
Rivals Taylor Wimpey and Barratt have recently cut almost 2,000 jobs. Separately, exclusive estate agent Savills said that central London house prices had fallen 7.5% this year.
Last week Taylor Wimpey shares more than halved in value after the firm announced 900 job cuts and said it had failed to secure an extra £500m of funding. It added that the volume of transactions in the English capital was down by 45%.
Industry trend
Persimmon said that its job cuts would save about £65m per year, meaning it could cope "efficiently" with its downturn in business.
Sales on its order book were 30% lower than at this time last year, it added.
It is the latest housebuilder to cut jobs, with 2,000 jobs going at rivals Taylor Wimpey and Barratt.
Last week, Taylor Wimpey shares more than halved in value after the firm announced 900 job cuts and said it had failed to secure an extra £500m of funding.
And up to 1,000 jobs are set to be lost at Barratt Developments in another blow to the troubled UK property market.And up to 1,000 jobs are set to be lost at Barratt Developments in another blow to the troubled UK property market.
Last month Persimmon's falling share price meant that it was demoted from the FTSE 100, the share index which contains the largest UK-listed companies. Last month, Persimmon's falling share price meant that it was demoted from the FTSE 100, the share index which contains the largest UK-listed companies.