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TROUBLED homes giant Barratt is to axe 45 staff from its Southampton offices as part of a nationwide cull of 1,200 workers..

T he group is merging its two offices in Southampton, which together employ 300 people.

It's more bad news for a house-building sector still reeling from cuts by rivals Persimmon, Redrow and Bovis Homes, who together employ scores of people in the county.

Around 5,000 job losses in the UK together with write downs in land values and plummeting house sales have laid bare the troubles facing Britain's builders over the past week.

Barratts, which also owns David Wilson Homes after a £2.2 billion takeover last year, said average private sales were down 43 per cent in the past six months.

Barratt said it had struck a "prudent'' deal to extend the repayment of £400m of debt and had renegotiated its banking agreements in a move seen as giving the group vital breathing space.

The company offered hope that there was still buyer demand for property, albeit restricted by an "acute'' shortage of mortgage finance.

8:52am Monday 4th August 2008

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Business editor Gareth Lewis Tel: 023 8042 4499 Email: gareth.lewis@soton-echo.co.uk