British home prices drop in June

LONDON, July 1 (UPI) -- Home prices in Britain fell for the eighth month in a row in June, but the monthly drop was slower than May's rate of decline, a major lender said.

The Nationwide Building Society, which tracks data on housing in Britain, said home prices fell 0.9 percent in June after falling 2.5 percent in May, the Times of London reported Tuesday.

The annual rate of decline now stands at 6.3 percent, the Times reported.

The average house value has fallen about $23,000 compared with June 2007, the report said.