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Prospect of higher mortgage rates and end of help-to-buy scheme leads housebuilder to shut down two divisions

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Bellway, one of Britain’s biggest housebuilders, has said it is cutting jobs as it anticipates a property market slowdown in the coming year because of higher mortgage rates and the end of the help-to-buy programme.

The construction company said it would shut two of its divisions and slow activity in a third, as it warned that house completions would “decrease materially” over the next 12 months.

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