The National Association of Estate Agents has called for perspective after the bleakest house price survey from the Royal Institution of Chartered Surveyors for 30 years was published.
Peter Bolton King, chief executive of the NAEA, made the plea after a RICS survey showed the number of reported house price falls had reached a 30-year high.
RICS’ UK housing market survey found that 78.5% more surveyors reported house price falls than rises in Q1 2008. This is the highest level recorded since 1978.
But King says: “No-one is denying that the housing market is in a tricky situation but we need to exercise discretion in the figures.
“For instance, the report states that the East Midlands is experiencing falling prices, yet Halifax’s recent house price index shows a 2.2% rise in the same region.”
Jeremy Leaf, spokesman for RICS, says: “The slowdown in prices is directly attributable to a lack of available finance, which has hit demand.”