HOUSEBUILDER Persimmon today announced it is to shed 1,100 staff after its "most challenging period in recent history" during which it has seen sales fall by a third.

The York-based group's decision to shed jobs was widely expected and adds to the gloom in the housebuilding sector caused by the credit crunch which has seen mortgage approvals tumble and consumer confidence shaken.

Its shares fell 4.5%, down 10.25p to 217.75p in early trading today.

In a trading update on the first six months of the year, Persim......for the full story register now for free or login below...