Dozens of jobs at the Wolverhampton office of homebuilder Bryant Homes North Midlands are to be axed as the credit crunch hits home in the housing market.
A string of national office closures across parent company Taylor Wimpey will see 600 jobs shed throughout the whole country as it closes 13 of its 39 offices.
A 30-day consultation period is underway at the Wolverhampton office, based in Pendeford Business Park, which the firm proposes to close by the end of September.
Taylor Wimpey chief executive Peter Redfern was quoted as saying: "When housing markets slow, those that react the most quickly and decisively become stronger businesses and provide the most secure and positive environment for their continuing staff."
A spokeswoman for Taylor Wimpey confirmed the Wolverhampton redundancies would start in July.
Taylor Wimpey was formed last year by the £5 billion merger of Solihull-based Taylor Woodrow and George Wimpey, and its brands include Bryant Homes.
The company reported pretax loss of £19.5 million in 2007, compared to profits of £406 million in 2006, and has already made 40 per cent of its US staff redundant.
In April the firm reported a 26 per cent decrease in the value of its order book over a year ago.
The homebuilder is not alone in suffering from the banks’ clampdown on mortgage lending.
Chairman of the Home Builders Federation Stewart Baseley predicts that tens of thousands of construction jobs will be lost as the housing market continues to weaken. There isn’t a builder in the land who isn’t considering overheads and job losses," he said.