One of Britain’s biggest housebuilders, Taylor Wimpey, has warned that the Bank of England’s rate rises to tame high inflation have weakened the housing market and made homes less affordable, forcing some homebuyers to take on longer mortgages to cope with higher borrowing costs.
The company said the share of its first-time buyers who were taking on mortgages of more than 36 years had more than tripled since 2021 to 27%. For second-time buyers, 42% were taking out mortgages longer than 30 years, up from 28% in 2021.
