UK house prices fell in June at the fastest annual pace since 2011 as the rise in mortgage rates hit the property market, mortgage provider Halifax said.
Halifax reported on Friday that the average UK property price was down 2.6 per cent in June compared with the same month last year, and more than double the drop of 1.1 per cent in May, marking the largest such fall since June 2011.
Kim Kinnaird, director at Halifax Mortgages, said that “the housing market remains sensitive to volatility in borrowing costs”.
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