Homeowners across the country think the value of their houses fell over the last month for the first time in more than three years.
With talk of a slowdown in transactions and pre-referendum warnings about a house price crash, the house price sentiment index (HPSI) compiled by IHS Markit and estate agents Knight Frank, published today, sunk into contraction territory.
The HPSI crashed from 59.7 in June to 48.3 in July on an index where scores below 50 indicate perceptions of falling prices.
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Despite fears their houses have lost value over the past few weeks, homeowners were still confident the trend of rising prices would continue. The longer-term HPSI which looks at expectations for house prices over the next year came in at 50.3, its lowest reading for 12 months.
Londoners were more confident that property would carrying on getting more expensive over the next 12 months, with the highest HPSI score, of 56.3, in any region.