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Published Date: 13 May 2008

The chartered surveyors association is telling us not to panic

Prices are down but don't panic

A new house price survey by the Royal Institution of Chartered Surveyors has shown more of its members than ever before have recorded price falls – but it says "don't panic".

More than 95 per cent of surveyors saw a fall in April, a record amount for the monthly survey.

In March the figure was just under 80 per cent.

But Rics says the falls were not large. And it points out that one of the symptoms of the 90s housing crash, when a mass of forced sales happened, is not happening this time round.

68 per cent more surveyors reported a fall than a rise in new buyer enquiries, which is up from 51 per cent in January.

Rics believes potential buyers either can't get a mortgage, or are being ultra careful at the moment and biding their time.

Last Updated: 13 May 2008 07:22 PM

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