LONDON (ShareCast) - House prices fell at the fastest annual rate for 16 years in June, but the month -on-month pace of decline slowed, with the latest fall a third of that seen in the previous month. However, the year-on-year decline picked up pace, with June 2008 house prices 6.3% down on June 2007, compared with a 4.4% year-on-year decline in May

LONDON (ShareCast) - Tougher lending criteria, higher food costs, rising fuel prices and soaring utility bills caused a slump in mortgage lending last month to its lowest level since records began more than a decade ago.

Falling house prices and rising rents mean that first-time buyers are better off entering the property market than continuing to rent long term, according to new research.