Cambridgeshire-based developer to ride out economic storm with freeze on buying and overhead cuts

Housebuilder and business-park developer Artisan has stopped buying land after seeing developments hit by current market conditions.

In an AGM statement, the Cambridgeshire-based developer’s chairman Michael Stevens said: “Rather than buying land in current market conditions, we are seeking out opportunities to gain positions on sites for future development only once the market improves.”

The firm said that although it had performed “creditably” over the year to the end of June, since then there had been a “significant deterioration in the market for both our residential and commercial development operations, with activity levels lower than the corresponding period last year.” The firm said it had taken a number of steps to weather the storm, including overhead reductions.