The industry body has said that property prices are currently falling at a rate similar to that of the 1990s housing recession.
To add further doubts, confidence in the market is at a ten-year low - whether on the part of consumers or the surveyors themselves.
RICS data saw 49.1 per cent more surveyors reporting price drops in December than those reporting a rise - the worst the Institution has seen since November 1992.
Whilst December may have been the second or third consecutive month in which other house price indices and monthly reports saw prices decrease, for RICS it marked the fifth consecutive decline.
New instructions to sell property did however rise in December for the first time in six months, but the stock of unsold property increased by 7.1 per cent with supply exceeding demand.
Ian Perry of the Royal Institution of Chartered Surveyors said that whilst the picture looked decidedly gloomy, supply would have to tail off considerably in order for prices to plunge.
Further rate cuts are on the tip of everyone's tongue at the moment in the hope that adjustments will inject a bit of much needed stability into the market.
