Rics releases gloomy house price figures
New housing figures affecting mortgages for professionals have been released today by the Royal Institute of Chartered Surveyors (Rics).
The balance of surveyors who found that property costs had dropped, when set against those who said they had risen now, stands at -78.5 for the past quarter.
This means that the balance has negatively shifted by 13 points, bringing it to its lowest level since records began 30 years ago.
Even the balances from 1990, preceding a major property and mortgages for professionals downturn.
Recent monthly figures from Halifax are similarly gloomy, detecting a 2.5 per cent drop in UK property costs across March.
Rics spokesman Jeremy Leaf said: "Sentiment is at a very low ebb and will continue to remain depressed while the economy suffers
"The slowdown in prices is directly attributable to a lack of available finance [for mortgages] which has hit demand; however, until new supply increases dramatically a significant crash remains unlikely."
