Hot on the heels of the Halifax numbers

http://www.noelwatson.com/blog/PermaLink,guid,74974cbf-7143-4210-b369-ec27d06f36ac.aspx

comes the latest RICS survey, and it makes for grim reading, showing the balance of surveyors reporting a fall compared to a rise is the greatest ever, eclipsing the last downturn.

 

This is all a bit confusing as Halifax said that sound economic fundamentals are supporting house prices

http://www.hbosplc.com/economy/includes/08_04_08HousePriceIndexMar2008.doc

"Sound economic fundamentals are supporting house prices. A strong labour market, low interest rates and a shortage of new houses underpin housing valuations. Our research shows that the labour market is the key driver of the housing market. Employment is at a record high and unemployment continues to fall"