Persimmon reports sales and price fall as UK property market dips

Housebuilder says cancellation rate has risen sharply because of interest rates and economic uncertainty

Sales and prices of new-build houses have fallen and cancellation rates have risen in recent weeks at Persimmon, in further evidence the property market is entering a downturn.

The company, one of Britain's biggest housebuilders, said demand had waned and uncertainty had risen in the past six weeks, as rising mortgage costs and a looming recession weighed on people's minds.