British home values losing $146 each day

LONDON, Dec. 4 (UPI) -- The value of homes in Britain fell, on average, $146.75 every day from the first of the year through November, Halifax bank reported Thursday.

Homes values have dropped $49,242 on the year to an average value of $240,147, The Daily Mail reported.

In the past 12 months, home prices have dropped 16.1 percent, the sharpest annual decline in 25 years.

As home prices fall, only two lenders in Britain vowed to pass the Bank of England's rate cut announced Thursday on to homeowners, the newspaper said.

The Bank of England cut key lending rates to 2 percent Thursday.