It’s all doom and gloom in the British residential property market. By contrast, farmland values are rocketing at a record pace.

Not too long ago, some analysts were still claiming that turmoil in the financial markets would have scant impact on the real economy. But the “after-shock” of credit market ructions, as Stephen Roach of Morgan Stanley put it, is now clearly kicking in.

More ‘bad’ news for the housing market yesterday. Surveyors are writing smaller numbers on the top of their housing valuation reports.