One in 10 staff at Crest Nicholson is to be made redundant as the housing market crisis intensifies. Daily Telegraph

The residential and commercial developer, owned by HBOS and Sir Tom Hunter, took the drastic decision amid fresh evidence that the property market has hit a new low.

The job cuts of 10pc of staff – up to 80 people – come as official figures showed that the number of new houses being started has hit the lowest level in 12 years.

Crest Nicholson is the latest in a line of developers to cut back on staff, as they face a combined commercial and residential property market slide. The cuts will mainly hit Crest’s land buying teams, who will be surplus to requirements as the company scales back land acquisitions and new building work.