Bloomberg reports that UK housebuilders will be cutting tens of thousands of jobs as the housing slump continues.
Stewart Baseley, chairman of the Home Builders Federation, said:
"There isn't a builder in the land who isn't considering overheads and job losses.
Job losses will be in the tens of thousands.
I've never seen a downturn escalate as quickly as this."
The slump is being caused by the mortgage drought, rather than unemployment or inflated borrowing rates. However, if the slump is not corrected this will have an adverse impact on the rest of the economy.
That being said, it's not all gloom. Those of you wishing to hire builders, plumbers and related tradesmen now have an ideal opportunity to negotiate hard on the price tendered.