A dip in activity in the UK housing market and slowing property prices will only be "temporary", surveyors say.
Demand from new buyers slowed for the fourth consecutive month in October, the Royal Institution of Chartered Surveyors (Rics) said.
House prices in London are expected to fall over the next three months, a poll of chartered surveyors has indicated.
By a majority of 10%, London surveyors said prices were more likely to fall than rise, the Royal Institution of Chartered Surveyors (Rics) poll found.
It is the first time in more than two years that this particular measure has turned negative.
Rics said stricter rules for borrowers, which began in April, were slowing momentum, "particularly in London".
Surveyors have reduced their expectations for house price growth in the UK, despite a continued shortage of homes for sale.
Property prices are expected to grow by 5% a year over the next five years, according to the Royal Institution of Chartered Surveyors (Rics).
This prediction had edged down in recent months, Rics said.
Price rise expectations in London have dropped from an estimate of 9% a year in March to just under 5% now.
The "furore" in the UK housing market is dying down because a recent surge in demand is "gradually exhausting itself", according to surveyors.
The increase in would-be buyers was at its lowest point in almost a year during February, the Royal Institution of Chartered Surveyors (RICS) said.
The Chancellor should look again at the nation’s Stamp Duty thresholds, an archaic tax structure which is distorting the housing market, says RICS as part of its 2014 Pre-Budget statement.
The existing ‘slab’ Stamp Duty system taxes a percentage of a home’s purchase price according to which value bracket it happens to fall into. For instance, a buyer purchasing a property for under £250,000 would pay 1% of the price in tax, while a home sold for just one pound more would generate a tax bill of 3%...
Farmland prices hit yet another record high during the final six months of 2013, having jumped around 15% in the space of a year, says the RICS/RAU Rural Land Market Survey H2 2013.
During the second half of last year, the average cost of farmland rose to £7,754 per acre* across England and Wales, hitting a record high for the ninth consecutive period. The cost of land is now 14.3%higher than during the same period in 2012 when an acre cost, on average, just under £6,800.
A shortage of homes coming onto the nation’s housing market is seriously hampering growth and pushing prices higher in many parts of the country, says the RICS January Residential Market Survey.
Bank of England governor says rising market not a threat as surveyors' group predicts rises could become unsustainable
The number of homes sold per chartered surveyor reached its highest point since March 2008 last month as the recovery in the nation's property sector continued full steam ahead, says December's RICS Residential Market Survey.
RICS advises homeowners to check flood prevention measures on their property
With heavy storms occurring and weather warnings being issued across many parts of the United Kingdom, RICS has today called on homeowners to check that they have all their flood protection measures in place and to prevent additional problems by making sure things such as gutters and drains are cleared of blockages.