Persimmon warns first-time buyers struggling to afford new homes in UK

Higher mortgage rates and less loan choice hitting sales to people trying to buy first property, says developer

Sales of new homes to first-time buyers are struggling, according to housebuilder Persimmon, as higher interest rates make mortgages less affordable.

The company, which is one of the UK's largest domestic property developers, said people looking to get on the housing ladder were facing stretched affordability" and less choice on home loans.