The firm says the uncertainties of the global economy and the UK lending environment make it difficult to predict when the market will improve.
It says: “We are therefore focusing on management of cashflows within the business to ensure that our balance street strength is maintained.”
Assetz chief executive Stuart Law says: “The announcement only supports what I have been saying since last September – developers are not starting work on new sites in the current climate. Persimmon is not the first and will by no means be the last to announce a freeze on new starts. This announcement is likely to be the first in a series of similar admissions across the housebuilding industry.”