House price falls.

Surveyors are reporting a falling house prices similar to the 1990’s housing recession. The property market is in the midst of a property slump. The bad credit mortgages have taken effect according to many studies.

The report, by the Royal Institution of Chartered Surveyors (Rics), warns that the number of its members reporting falls in house prices has climbed to its highest level since the height of the last housing crash in the early Nineties.

Recent data shows house prices fell apart from a slight increase in October of 0.1%. Halifax and the Nationwide building society have suggested the market weakened in December.

The Rics study said that only one per cent of its surveyors reported a rise in house prices in the last three months of last year, compared to the 61 per cent who reported a fall.