Persimmon, the UK's largest housebuilder by market value, has announced over 1,000 job cuts as it reported an update on its current trading performance today.

The construction group said: "We commenced this further restructuring of our business in May and it is almost complete. It will result in the loss of 1,100 salaried staff in total."


It said the first six months of this year had been the most challenging in its recent history. In the six months to June 30, completions were down 31% to 5,501 at an average selling price of around £181,500, a severe drop down on the £189,255 achieved before.

it reported that margins fell to 14% for the first half of this year compared with 20.8% over the same period in 2007.

Last week Barratt Developments cut 15% of its employees, Taylor Wimpey laid off 900 staff and Galliford Try were also were forced to axe 260 jobs.

(CD/JM)