In October 2006, we reported US house prices were plunging at the fastest rate in 36 years.
Now it’s the UK’s turn.
House prices are falling at their fastest rate since records began 30 years ago as the mortgage lending freeze continues to undermine the housing market, the Royal Institution of Chartered Surveyors says today.
In a big blow to the government, which claims Britain is well-placed to withstand the global economic downturn, the RICS paints a bleak picture, in which the number of estate agents saying house prices rose, rather than fell, has dropped to the lowest point since the survey began in 1978.
» House prices fall at fastest rate since 1978 – The Guardian, 17th April 2008.