Significant downturn causes gloom for housebuilders and building and construction jobs

Housebuilder Taylor Wimpey has announced that it will soon close a third of its offices across the UK – a move which could see the loss of 900 jobs.

The credit crunch has seen lenders hesitant to offer mortgages and as a result the number of house deals has slumped significantly. The effect of this market downturn is that housebuilders are struggling to make profits. The main cause of concern for the company is that lack of reservations on new houses. The number of people reserving new houses is 46% less than it was least year and as a result the business has become untenable. The first to suffer the effects of this are the employees at Taylor Wimpey.

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