UK house prices fall at fastest annual rate since 2011, says Halifax
by Mark Sweney from on (#6CS8D)
Average price of property drops by 2.6% year on year in June as mortgage rates climb
UK house prices experienced their biggest annual fall in 12 years, according to Halifax, the latest sign that soaring interest rates on mortgages is bringing a halt to the housing boom.
The average price of a UK home tumbled 2.6% year on year last month, the largest annual decrease the lender has reported since June 2011, a significant acceleration from the 1.1% decline record in May.
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