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UK house prices fell at their fastest annual pace since 2011 after falling marginally in the month as higher mortgage rates hit the market, according to mortgage provider Halifax.
Halifax reported on Friday that the average UK property price fell 2.6 percent in June compared to the same month a year ago, more than double the 1.1 percent drop in May, the biggest drop since June 2011.
Compared to the previous month, house prices fell by 0.1 per cent, bringing the average to £285,932.
“The housing market remains sensitive to fluctuations in borrowing costs,” said Kim Kinnaird, director of Halifax Mortgages.
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