The Royal Institution of Chartered Surveyors paint a gloomy picture this morning... the lowest number of transactions since records began in 1978. Eighty-two per cent of surveyed agents report falling prices between February and April, and the downturn is spreading everywhere, including Scotland (which - oddly - had been continuing to show price rises while the rest of the UK was stultifying). According to agents, unreasonably tight lending conditions have a lot to answer for, and it's interesting to note that other figures this morning reveal that average interest rates are up 0.4% despite recent cuts.

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