Property downturn hits UK housebuilders as sales plummet

Plummeting demand for new homes and the rising risk of mortgage defaults has caused UK housebuilders to pull back from new projects, putting government targets for new housing at risk.

Redrow on Friday became the latest large builder to warn of a sharp contraction in sales, echoing rivals Persimmon and Taylor Wimpey, which this week reported significant falls in the rate at which buyers were committing to new purchases, with demand…