Large Builder Announces Job Cuts as U.K. Housing Decline Worsens

Flintshire, U.K.–Redrow, one of the U.K.’s biggest homebuilders, became the first major homebuilder to eliminate jobs during the housing decline on Tuesday, the Telegraph reports.Roughly 15 percent of Redrow’s workforce–200 people–already have been laid off and more cuts may be on the way, according to the Telegraph. The typically busy spring sales season has been sluggish due to increasingly tighter lending standards. Home cancellation rates had been about 20 percent but recently have “markedly increased,” the Flintshire-based builder said.