by Calculated Risk on 6/14/2005 01:08:00 AM

From the Telegraph: A Royal Institute of Chartered Surveyors report on Tuesday sparks fears of a housing crash.

Almost half the country's chartered surveyors reported that house prices were falling in May, the highest total since the recession of 1992.

The Royal Institute of Chartered Surveyors will say today that the number of its members reporting price falls has grown sharply - from 37pc in March to 40pc in April to 49pc last month.

The news will spark fears of a house price crash. In the early 1990s, RICS was the first housing market surveyor to predict the market's collapse.

In the latest report, the institute says new buyer inquiries had slipped and the number of completed sales had fallen by 29pc since last May.

The UK bears watching as a possible early indicator for the US market. The UK started raising rates about 8 months before the US: See my Angry Bear post.