House prices have slumped at their highest rate since 1992, the time of the last property crash, a new survey reveals today. After asking 315 members, the Royal Institution of Chartered Surveyors (Rics) noted half had reported property price falls. The seasonally-adjusted minus stood at 49 per cent, a sharp change from the revised minus 41 per cent in the three months through April. Completed sales to unsold property stood at 29 per cent for the third month running, up slightly on 28 per cent in February. The report came after the government released figures for April showing a 3.5 per cent drop off in the cost of the average detached house, with the sale price of flats 0.4 per cent lower.

In a pessimistic message for sellers, Rics spokesman Jeremy Leaf said with gloomy retail figures and confidence “very sensitive” present market forces meant sellers would have to adapt to conditions. “Boom conditions of recent years have ended,” he cautioned, adding interest rates had certainly played a part in the drop off.