Taylor Wimpey says demand for new homes is falling rapidly

One of the UK’s biggest housebuilders has revealed that demand is falling rapidly as buyers react to higher mortgage rates and the prospect of a recession.

In an update on Wednesday, Taylor Wimpey said that over the past five months it has been selling homes at around half the pace it was in the first half of the year.

In another worrying sign for the sector, the number of Taylor Wimpey homebuyers cancelling purchases ahead of…