House Price Falls 'Worst since 1978'
According to the latest RICS survey published today, a record number of surveyors are reprting house price falls. 82% of estate agents/surveyors have seen a fall in house prices since the start of 2008, the worst rating since records began in 1978.The figures show that the housing slump is even more widespread than during the last house price crash in the early 90's with house prices falling across the whole country. According to Simon Rubinsohn, chief economist at RICs, "even during the house price crash of the early 90's, some parts of the country didn't take as much o a beating."
On a brighter note, the house price falls that are reported are relatively modest, with ost surveyors reporting a fall of less than 2%.
The 82% of surveyors reporting a fall is up on the April figure of 66%. It was the 9th month in a row that the number of surveyors reporting price falls has risen.
The worst hit areas of the country are East Anglis, the North and North-West where all surveyors reported falls.
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