Confidence in the UK property market has fallen to a 30-year low, a new survey has warned.
According to the Royal Institution of Chartered Surveyors (Rics), 78.5 per cent more surveyors reported a fall than a rise in house prices in March, an increase from 65.7 per cent in February.
March's figure has exceeded the historical low of June 1990, when 64.5 per cent more surveyors reported a drop in prices and is now the lowest figure since the survey began in 1978.
Rics spokesman Jeremy Leaf said: "Sentiment is at a very low ebb and will continue to remain depressed while the economy suffers from this unique liquidity blight.
"The slowdown in prices is directly attributable to a lack of available finance which has hit demand.
"However, until new supply increases dramatically a significant crash remains unlikely.
Mr Leaf warned that the next six months would be crucial for homeowners and would-be buyers in the UK.
The Halifax Bank announced last week that UK property prices slipped by 2.5 per cent in March, the largest monthly fall since September 1992.
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