A Kent-based housebuilder has revealed it is set to slash hundreds of its workforce due to the squeeze on mortgages.

Bovis Homes, based in New Ash Green, near Swanley, said total staff numbers, both office and on-site workers, would be cut by 40 per cent, which equates to around 400 jobs nationally.

Chief executive David Ritchie said the company is operating against the "worst market backdrop" in many years.

Completed house sales by the group in the six months to June 30 plunged to 851, down a massive 32 per cent on sales (1,256) in the same period a year ago.

The group joins other big-name housebuilders like Persimmon Taylor Wimpey and Barratt Developments to announce big job cuts.

It is also closing its eastern regional office and transferring its operations there to offices in central and south east England.

The company said its actions to mitigate the impact from current market conditions would enable it "to exploit its stronger asset base as and when the housing market returns to more normal conditions".