UK reports largest drop in housing prices in 12 years

LONDON, England: UK mortgage lender Halifax said that last month house prices fell, in annual terms, at the fastest rate in 12 years, adding that rising interest rates will likely further weaken the housing market.

House prices fell 2.6 percent year-on-year in June, after a 1.1 percent drop in May, the largest such fall since June 2011, and on the month prices fell 0.1 percent after a 0.2 percent monthly drop in