Rightmove is slashing its workforce by a fifth in what is another dire indicator of the state of the property market both at home and abroad.

The company, which runs the country's largest property website, wants to reduce costs by £5 million, though up to £1 million more will be spent on marketing.

Rigtmove currently employs 300 people and the group's website advertises more than 50,000 overseas properties in more than 100 countries, including Spain, France and the US.

It will scale back these oversees interests to increase "focus on its core UK property advertising business".

Rightmove said: "The scale of the job cuts reflects the company's view that the current challenges will continue through 2009, though not at any worse level than we have previously indicated."

The company, which launched in 2000, said it will have "greater focus on the national and regional house-builders as well as the growing housing association market with less focus on more speculative individual developments and property conversions".

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