House prices are falling at their fastest rate since 2009, according to the latest RICS poll.
A net balance of 68% of property professionals in August reported declining house prices, marking the most negative reading since the global financial crisis.
New buyer inquiries also fell during the month, with a net balance of 47% of professionals reporting a drop, deteriorating from a balance of 45% in July.
An overwhelming majority of those polled – a net 67% – said prices would fall further in the coming few months, with a net 48% expecting prices to be lower in a year’s time than they are now.
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