Persimmon home builder pulls out of south Wales valleys

One of Wales' biggest house builders says it is to stop building homes in parts of the south Wales valleys, saying the sites do not make money.

Persimmon Homes regional managing director Glyn Mabey said it does not make enough profit on developments north of Pontypridd because of low sale prices.

It also blamed Welsh government red tape, which it claimed added £3,000 to the cost of building a house compared with many parts of England.

The Welsh government said it had relaxed some of these regulations.

Mr Mabey said the company needed to make a profit and would not "make a penny" from its latest site in Aberdare.