With a mix of "resilience" and "determination" and a dose of commercial feelgood factor – Lloyds TSB Commercial's latest Business in Britain survey says that firms in the East of England are more optimistic than any other region in the UK – developers and construction companies may yet prevail.

Recently, The Evening Telegraph reported that 50 people were facing the axe at Persimmon, which followed an earlier report that up to 43 staff were facing redundancy at Stamford Homes.

All this news on top of regional developers reining in operations and, nationally, thousands of jobs being cut in the construction industry.

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Julian Kirkpatrick, associate solicitor at city-based Greenwoods Solicitors LLP, confirmed the difficult times ahead, but added a note of optimism: "As is widely known, the construction sector has had a very difficult time of it these few months; and things look set to become even tougher for the industry.

"When speaking with those involved in the industry in the Peterborough area, what is striking is the degree of resilience and determination to weather the storm.

"With such attitudes, my view is that while times ahead may be very difficult indeed, the pressures the industry faces will be handled with a mixture of pragmatism and fortitude."

And companies in the industry can be assured of the support of organisations such as Opportunity Peterborough, in ensuring a positive outlook for the city

Chief executive Steve Compton said: "We recognise the concerns and issues faced by the construction industry in light of the credit crunch and are continuing to work with and support developers to drive forward the city's growth.

"There is fantastic commitment for many of our projects and we are using the present market conditions as an opportunity to push Peterborough forward as an example of sustainable development, so that it is a high priority on the property industry's radar."

However difficult the housing market, development activity continues in Peterborough.

Developer the GKL Group, and Savills Peterborough, have just opened River View House, a riverside apartment block of 24 properties.

Andy Kirby, group business development manager for GKL, said: "The GKL Group is proud to bring this environmentally-friendly building to market, on time and to budget."

River View House is located in one of Peterborough City Council's designated areas for regeneration and is one of the first schemes to be launched along the river.

Even in the current challenging economic conditions interest has exceeded expectations, says Savills, with a number of completions already under way.

It's not all doom and gloom in the housing market as the city's Cross Keys Homes "affordability" demonstrates.

Its new-build homebuy is a low-cost home ownership scheme designed to help people who cannot afford to buy a property outright.