The Royal Institution of Chartered Surveyors (RICS) latest survey shows that estate agents in England and Wales have sold an average of 10.9 properties per firm in the 12 weeks to the beginning of November.
That is the lowest level of sales since the survey began in 1978.
The Times reports that, in response to the recession, Gordon Brown is to use this weekend's financial summit in Washington to call for co-ordinated tax cuts across the world's major economies to help reduce the depth of the global downturn.
The most effective for of tax cut will be that of cutting VAT, thus providing a direct stimulus to the consumer based economy. Cutting mainstream taxes will not achieve the same effect, as people will save part or all of the cut.