Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.
The Royal Institution of Chartered Surveyors (RICS) said its house price balance – a gauge of whether values are more commonly rising or falling – slipped to -11 in November, down from -10 in October.
It was the lowest level since September 2012 and worse than expected by economists.
RICS chief economist Simon Rubinsohn said: “It is evident… that the ongoing uncertainties surrounding how the Brexit process plays out is taking its toll on the housing market.
“Indeed, I can’t recall a previous survey when a single issue has been highlighted by quite so many contributors.”
Price falls were most acute in London and the south east of England – where there are more higher-priced homes, exposed to higher stamp duty, and there is also anxiety about the impact of Brexit on the capital’s financial services sector.
The survey also pointed to falls in the number of people looking for a new home, new properties being listed for sale and agreed sales.
There was also a big downturn in expectations for sales in the coming three months, with this measure falling at its sharpest since the Brexit referendum in June 2016.
Mr Rubinsohn saoid: “Caution is visible among both buyers and vendors and where deals are being done, they are taking longer to get over the line.
“Significantly the forward-looking indicators reflect the suspicion that the political machinations are unlikely to be resolved any time soon.
“The bigger risk is that this now spills over into development plans making it even harder to secure uplift in the building pipeline to address the housing crisis.”