UK house prices could be set for a fall over the next few months, according to a new report from the Royal Institution of Chartered Surveyors (RICS).
The impending EU referendum and the recent hike to Stamp Duty on second homes are expected to be key drivers behind the cause.
However, the fall will likely proved short-lived, with RICS chief economist Simon Rubinsohn saying most of the group's members still expect "strong underlying upward pressure" in the long term.
He adds: “As expected, the Buy-to-Let rush has now run its course and, as a natural result, the market is starting to slow. But there are other significant factors that are currently weakening short-term confidence in the UK property market.
“All indications suggest that whatever the outcome of the forthcoming elections and referendum, in the long-term, the imbalance between demand and supply will still exert a strong influence on the market, with house prices expected to rise by close to 25% over the next five years.”
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House price predictions in your area
The outlook is obviously massively varied across the UK. Perhaps surprisingly, the outlook for London was particularly downbeat, with 38% more respondents expecting a fall than a rise in the capital.
By contrast, in the North West England and Northern Ireland most surveyors expect prices to rise significantly over the spring and summer months.
Looking longer term, prices are still expected to rise by more than 4% each year over the next five years in England and Wales, with prices in London set to grow by a slightly smaller 3% each year over the same period.
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