UK House Prices Fall Most in Over Decade as Borrowing Costs Rise
- Halifax says home values down 2.6% in June from a year ago
- Property market is feeling squeeze from rising mortgage costs
This article is for subscribers only.
UK house prices are falling at their fastest annual pace since 2011, Halifax said, as the property market shows signs of strain in the face of rising borrowing costs.
The average cost of a home declined 2.6% in June from a year earlier to £285,932 ($364,320), the mortgage lender said in a statement Friday. Prices fell 0.1% last month alone, the third consecutive decline.