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The economic downturn has had new house builders and developers quaking in their boots. As Barratt Dvelopments announce today that it is cutting over a quarter of its workforce, we are seeing further evidence of firms bracing themselves for the choppy waters that lie ahead.
Chief executive Mark Clare said: "We have now substantially improve our competitive position and are better placed to deal with what will be a very challenging period ahead."
Barratt blames the sharp drop in the number of mortgages available to buyers, as well as the wider downturn in the housing market.
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