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."

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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)