Newspaper headlines are making for depressing reading of late. Talk of falling house prices, a lack of lending by the banks, the credit crunch and a recession are all pointing towards disaster for the economy.

In the housebuilding sector, the forecast looks especially bleak. Among those firms making staff cutbacks are Persimmon Homes, which has announced 2,000 jobs will go; Barratt Developments, which has revealed plans to axe 1,200 jobs by closing two divisions and merging other parts of its business; Bovis Homes and Redrow, which are set to cull almost a 1,000 roles between them; and Taylor Wimpey, which has confirmed that it will be closing a third of its 39 regional offices.