A drop in house prices in the short term has been predicted by members of the Royal Institution of Chartered Surveyors (RICS) who work in estate agents, with the fall expected to last for the next three months.
The surveyors who expected prices to fall outnumbered those expecting a rise in prices by a majority of 10%.
The last time house prices fell on an annual basis was in late 2009.
RICS attributed the likely fall to a combination of uncertainty
surrounding the EU referendum and a cooling of the market since the
changes to stamp duty which went through in April.
Rubinsohn, Chief Economist at RICS, commented: "What we are looking at
is a short term drop caused by the uncertainty resulting from the
forthcoming EU referendum, coupled by a slow-down following the rush to
get into the market ahead of the tax change on the purchase of
London and East Anglia are said to be the most affected, followed by South West England and Yorkshire and Humber.
prices aren't predicted to fall in all areas however, with Scotland,
Wales, Northern Ireland, the Midlands and the North all expected to see a
The number of properties coming onto the market
is also at a record low, contributing to continued demand and the short
term nature of the expected price fall in the areas mentioned.
Get the latest news via our official Trust a Trader Twitter profile and ourTrust a Trader Facebook profile.