Property analyst Hometrack expects to see a “rapid deceleration” in city house prices in the second half of 2016.
It predicted buyers adopting a wait and see approach to assess the short-term impact on the financial markets and economy, especially in London.
Hometrack’s UK Cities House Price Index found Bristol’s house price growth outstripped London for the first time in six years in May.
Annual growth in Bristol stood at 14.1%, ahead of London (13.8%), Cambridge (13.4%) and Southampton (10.3%).
Richard Donnell, insight director at Hometrack, said: “At present we expect housing market turnover to bear the brunt of increased uncertainty rather than house prices.
“House price inflation in major cities outside of London and the South East, such as Bristol and Liverpool has been accelerating but it is now expected to slow towards low single digits in the coming months as demand cools on the back of the EU referendum result.”