House prices are falling at their fastest rate since records began 30 years ago as the mortgage lending freeze continues to undermine the housing market, the Royal Institution of Chartered Surveyors says. The latest monthly snapshot of the housing market shows that 78.5% more surveyors reported a fall than a rise in house prices. The gulf has widened since February and easily eclipses the previous low of 64.5% in June 1990, when the economy was heading into recession. House prices are falling fastest in the east Midlands and East Anglia, according to an increasingly gloomy assessment of the property market by the Royal Institution of Chartered Surveyors. Few parts of the UK remain untouched by the slump as surveyors reported that prices declined at a faster pace than in the previous month across all regions in England and Wales, except for Yorkshire and Humberside, where the rate remained unchanged having fallen the most in February.
Try The Guardian's interactive guide to house prices.
Think about the reasons behind the fall in prices. Is the market likely to recover in the short term? Analyse the effect of falling house prices in individuals and the economy as a whole.
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