Demand for new homes has dropped as families cannot afford increased mortgage costs, Halifax has said House prices in the UK fell at the fastest annual rate seen in 12 years last month, Britain’s major mortgage lender, Halifax, announced this week. Prices for June dropped for the third month in a row by 2.6% year-on-year, after a 1.1% fall in May, in the largest decline since June 2011, according to Halifax. The average cost of a home in Britain totaled £285,932 ($364,320) last month, the lender said in a statement. The latest slump comes as soaring mortgage rates, driven by a series of interest rate hikes by the
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