In fact, the worst it has been since the last time we had a Labour government in 1978, and this particular set of records began, according to the Independent.
The assertion comes from a regular survey of what members of the Royal Institute of Chartered Surveyors are saying about rising or falling house prices. They have not seen a market as bad as this since Sunny Jim Callaghan was Prime ministers and we were the sick man of Europe.
If you were hoping for cheery news in your news papers this morning you will be disappointed.
On a more serious note, I do hope they are wrong. We do not need a major house price collapse, as that will cause major problems for many. What we could do with is a market that is flat.
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Of course it depends on your definition of a bad housing market. There's a strong case to be made in favour of lower house prices, an end to houses being regarded more as investments than homes that people live in and some kind of brake on speculative profits from property.
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