The Royal Institution of Chartered Surveyors (RICS) claimed today that in February the housing market experienced its most severe downturn since the slump of the 1990s.
RICS say that more surveyors reported house prices falls in February, than any other time since June 1990. The RICS gauge of house price trends fell to minus 64.1% last month (in June 1990 it was minus 64.5%), in January 2008 it was minus 54.8%.
RICS also said that the stocks of unsold property on surveyors' books have increased to a ten-year high.
This of course means that those wishing to sell their property need to price it more realistically.
Given people's emotional attachment to their homes, and their unrealistic expectations of making a fast profit, quite how long this new realism will take to sink in remains to be seen.