Housing market survey for March shows confidence among surveyors at its lowest for three decades

Confidence in the UK housing market has sunk to its lowest point in three decades, the Royal Institution of Chartered Surveyors has said.

According to the RICS housing market survey for March, 78.5% more surveyors have reported a fall rather than a rise in house prices. This is the worst result for the sector since RICS began the monthly survey in 1978.

It also represents a leap from 61.4% last month. The previous worst result was 64.5% in June 1990, at a point when the economy slipped into recession.