A survey released on Tuesday 14 September by the Royal Institution of Chartered Surveyors shows house prices in England and Wales have fallen so low the market is back to where it was in May 2009.
In August, the house price index experienced its most dramatic one-month fall since June 2004.
New sales suffered their biggest fall in two years.
These results do not make good reading, especially considering transaction levels and prices are a good indicator for consumer spending.