Experts are predicting UK house prices will drop for the first time since 2012 in the coming months.
According to a survey conducted by the Royal Institution of Chartered Surveyors (RICS), members, UK house prices will drop rather than rise in the next three months.
London is expected to be the hardest hit with 43 per cent of the survey respondents expecting prices to fall over the next quarter as demand from buyers falls due to worries over the outcome of the upcoming EU referendum.
International buyers are already shunning central London property over Brexit uncertainty.
The survey predicted that rents will increase; however recent data also shows that the rental market is going to cool off a bit in the next three months, with the rate of price rises set to slow.
RICS chief economist Simon Rubinsohn 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."