House Prices Plummet as Mortgage Rates Soar in Britain

UK house prices fell by 0.1% in June, the fastest rate since 2011 according to Halifax, resulting in the average house price dropping by 3.6% from June of last year.
Mortgage rates are rocketing due to rising Bank of England interest rates, reducing affordability and damaging the housing market.
The London and Southeast property markets experienced the sharpest declines, with average prices dropping 2.6% and 3% respectively in June.
New home sales have slowed, and housebuilders are reporting a downturn in demand as interest rates exceed 6% for the first time in over a decade.
While a full-scale crash has yet to materialize, the housing market remains highly sensitive to changes in interest rates, indicating prices could fall further if rates continue to rise.