HOUSE prices have fallen at their fastest rate for 12 years as soaring mortgage rates hit buyer demand.
They were down 2.6 per cent – or £7,500 – in June compared with the same month last year, according to Halifax.
It is the biggest annual slip since 2011, leaving the average cost at £285,932.
But buying a property is still tougher than ever for many, as prices are almost nine times average earnings and interest rates are continuing to rise.
Lenders Lloyds, Santander, Skipton, Nationwide and Paragon will face MPs on Tuesday to give evidence on mortgage stress amid fears that rates will keep going up.