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Housebuilder Persimmon has reported sales have dropped by 24% this year after a deterioration in the mortgage market over the past three weeks.
The firm has decided to postpone new builds as it had suffered from rising cancellation rates in the market.
It said revenues for the year to date were about £1.37 billion, compared with the £1.8 billion seen at this stage of 2007.
A spokesperson for Persimmon said: "Whilst we continue to focus on achieving the best possible selling price in every location it is likely that, with the continuation of current conditions, the market will become more challenging."
The group's main business, Persimmon Homes, operates from 24 regional offices. There are also nine branches under the Charles Church brand.
(CD/JM)
