RICS members have predicted quarterly house price falls for the first time since 2012.
Some 10% more members predicted prices to fall than rise with London and East Anglia expected to be worst hit, as detailed in the RICS UK Residential Market Survey for May.
A third (33%) more property professionals reported falling buyer demand than increased demand last month.
But Simon Rubinsohn, RICS chief economist, reckoned this is just a blip caused by the EU Referendum rather than a new trend.
He said: “Sadly, for the many young people looking to enter the property market, it is unlikely that we are seeing the emergence of a more affordable market.
“Instead, it appears to me that 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 investment properties.
“There is not at this point a sense that a fundamental shift is taking place in the market.”
In Central London 35% more RICS professionals reported prices falling rather than rising in the past month.