http://www.guardian.co.uk/business/2...t.construction
I think the next stage is many of the Polish guys working in construction will go home, reducing demand for cheap rented housing, making the BTL situation worse, sparking a big sell off of small houses and flats.
The severity of the housing downturn was underlined yesterday when Persimmon, one of Britain's biggest home builders, said it had cut 2,000 jobs, bringing the total jobs lost across the industry to more than 4,000 in the past week alone.
Persimmon is cutting 1,100 office staff and 900 weekly paid workers at its building sites, around 40% of its workforce. But none of Britain's housebuilders have escaped. Taylor Wimpey last week said it would lose 900 jobs, Barratt is shedding 1,000, and the smaller Kier Residential is cutting 300, about 60% of its staff. Savills is also cutting jobs, but would not say how many.
The job cuts will add to mounting fears that Britain could be facing recession. City analysts this week said the credit crunch could cause a worse housing slump than the crash in the early 1990s.
Persimmon is cutting 1,100 office staff and 900 weekly paid workers at its building sites, around 40% of its workforce. But none of Britain's housebuilders have escaped. Taylor Wimpey last week said it would lose 900 jobs, Barratt is shedding 1,000, and the smaller Kier Residential is cutting 300, about 60% of its staff. Savills is also cutting jobs, but would not say how many.
The job cuts will add to mounting fears that Britain could be facing recession. City analysts this week said the credit crunch could cause a worse housing slump than the crash in the early 1990s.
I think the next stage is many of the Polish guys working in construction will go home, reducing demand for cheap rented housing, making the BTL situation worse, sparking a big sell off of small houses and flats.
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