UK housebuilder Bellway to cut jobs amid market slowdown
Reuters
Published Aug 08, 2023 13:10
LONDON (Reuters) - British housebuilder Bellway (LON:BWY) on Tuesday said it would cut a limited number of jobs as part of structural changes that include the possible closure of two divisions, citing a slowdown in house building and sales.
Britain's housing market has been hit by rapid increases in mortgage rates which have reduced demand. Last week, the Bank of England raised the interest rate to 5.25% from 5% - the 14th consecutive increase as it tries to tame high inflation.
Bellway, which employs around 3,000 workers, did not confirm how many jobs would be affected but said a limited number of roles would be cut.
Sky News had reported on Monday that the FTSE 250 group was considering proposals to cut around 90 jobs, which represents around 3% of its total workforce.
Earlier this year, FTSE 100 homebuilder Taylor Wimpey (LON:TW) said it was considering job cuts in an effort to reduce costs, while affordable housing-focused Vistry was reportedly planning to cut around 200 jobs.
Bellway is due to report its year-end trading update on Wednesday.
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Written By: Reuters
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