UK house prices fall at fastest y/y pace in 2 years

House prices in England and Wales were flat on the month in June and fell 2.5% compared with a year ago, the biggest annual fall since October 2009, government data showed on Thursday.
The Land Registry said house prices stood at an average 161,479 pounds ($263,850).
It said house prices in London rose 0.8% on the year — the only region to record annual house price growth. House prices in north east England suffered the biggest declines, down 2.1% on the month, and 7.1% on the year.
The Land Registry also said that the number of property transactions had decreased since last year, with average monthly sales falling to 42,733 between January and April from 45,509 in the same period a year ago.