Bovis Homes and Redrow housebuilders announce job cuts on 100 Mortgages

Bovis Homes and Redrow homebuilders have announced that they have no choice but to introduce job cuts, this follows the news that we reported yesterday that Persimmon had to shed a number of jobs.

Both firms will be cutting 40 percent of their workforce, the current credit crunch which has affected the sale of new homes, along with mortgages being more expensive were to blame for the job cuts.
Bovis Homes will be cutting 400 office and site based jobs, while Redrow will be shedding 850 staff, these cost cutting measures are hoped to help both housebuilding companies to survive this current downturn in the housing market.

Bovis has said that the market for selling new homes is the worst that they have seen in years; Redrow has said that this sharp decline is unprecedented. Bovis have said that their sales for completion are down by 32 percent from the end of June.

Bovis are making a number of changes in the hope of cutting costs, one such change is the closing of one office and the other is by merging a number of their key functions in both the central and northern region. Redrow are also making a few changes, one of which is by closing 10 offices.

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