House prices are experiencing their most widespread decline since records began because of the fallout from the credit crisis, a report released today shows. Daily Telegraph, The Times, The Guardian
Almost four out of five chartered surveyors saw a fall in values in March, research by the RICS has found.
RICS disclosed that they were the worst figures since it started compiling such data 30 years ago.
The widespread nature of the decline has eclipsed the house price crash of the early 1990s, when two thirds of surveyors registered drops, it said.
The RICS report blames the falls on the tightened lending conditions, a view echoed by economic commentators.