Housebuilder Barratt Developments plans to axe 1,000 jobs as it struggles with a slowing housing market. This comes two days after Taylor Wimpey announced is was to cut 900 jobs and close 13 offices.
There has also been a number of other firms in the construction industry making job cuts. Ballymore, the residential and commercial devloper has said it will be cutting more than 50 jobs and Galliford Try, the construction group, is axing 256 jobs in its housebuilding division.
Barratt has been under pressure since the the takeover of rival Wilson Bowden last year and this has worsend as the housing market has been hit hard by the credit crunch. It is currently burdened with around £1.7bn debt from the acquisition and under the reorganisation plans it will merge eight of its offices into four.