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 Transactions in the UK property market are now at their lowest level since 1978, according to new research released today (June 10th).
The Royal Institution of Chartered Surveyors (RICS) has suggested that the average number of transactions per surveyor over the past three months has fallen to 17.4, down from 18.5 in April.
And the regional picture still appears to be gloomy, with every surveyor questioned in East Anglia and the south-east reporting price falls.
RICS spokesman Jeremy Leaf said: "While demand remains weak and housing transactions continue to evaporate, there is a very real danger to the wider economy.
"The property industry will not be the only casualty in the fall out from the credit crunch, with the high street and purveyors of a range of household goods, including furniture and white goods also feeling the pinch."
Most surveyors also reported that the level of enquiries from buyers was still considerably lower than normal, illustrating that many are adopting a 'wait and see' policy which could exacerbate the situation.
During the previous crash of the early 1990s, the average number of transactions per surveyor for a three-month period fell to a low of 11.4.
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