This is shaping up to be a period of transition for the UK's property market but current views - many of them negative - should be regarded as fleeting observations rather than a concrete decree.
The Royal Institute of Chartered Surveyors (RICS) - believed by many to be the most balanced of property bodies - has spoken about the long-term prospect for the UK's property market and the news is thoroughly positive. It still expects house prices to rise, with predictions of a 25% uplift in the next five years, although the rate of house price growth in some areas - including London - will slow.
London Residential expects a temporary lull in proceedings among landlords, who will regroup following changes to stamp duty and tax relief. First-time buyers are expected to fill any gaps, bolstered by a host of Government-backed buying incentives and low mortgage rates.
Other buyers may hedge their bets until after the BREXIT result, while the most cautious will have their eyes on devolution voting in 2017 before they make a move.
Many heads will continue to be turned, however, by record low interest rates that are leading to affordable borrowing. Both owner-occupiers and property investors will be courted by lenders offering ever-cheaper rates in a bid to keep lending levels brisk. This will help landlords offset higher purchase and running costs, and help everyone's budgets stretch further.
“However, 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 25pc over the next five years.”