The RICS May housing survey provided further evidence that the UK property market was now in the midst of a catastrophic crash.
The RICS survey found:
92.9% more Chartered Surveyors reported a fall than a rise in house prices, a decrease from 94.7% in April.
The regional picture remains gloomy with surveyors in East Anglia and the South east unanimous that house prices are falling.
The continuing lack of demand in the housing market is reflected in the collapse in transactions. The average number of transactions per surveyor (over the last three months) is now at 17.4, the lowest figure since 1978 and the net balance of new agreed sales remains in negative territory.
Demand remains weak with the balance of surveyors reporting new buyer enquiries still well into negative territory.