However, while there is a still a shortage of homes to buy, low interest rates and high unemployment property prices are likely to hold firm.
Earlier this week we reported that founder of the The Mortgage Hut in Southampton, Chris Schutrups, was predicting a downturn in prices.
Chris said: “After leaving the EU, we will see a drop in house prices.
Although this will make homes more affordable in the short-term, in the longer-term it is likely to lead to a correction of the housing market as the biggest risk to the market is uncertainty and a lack of consumer confidence.
HOUSE prices in Southampton have seen the fourth biggest increase among major UK cities.
The latest index produced by property analysts Hometrack showed that the average property price in the city in May was £210,000 – up 10.3 per cent on 2015.
The report shows that prices have been rising fast in cities outside of London partly driven by the rush to beat the April deadline for the increase to stamp duty on second homes.
House price inflation across the UK's major towns and cities accelerated from an annual rate of 10.8 per cent in April to 11.2 per cent in May.
However, the latest report comes with as warning that prices could start to slow as a result of the Brexit vote.
Hometrack said it expects a ''rapid deceleration'' in price growth across all cities in the second half of the year as potential buyers wait to see how the economy will be affected.
It said modest single digit price falls ''appear likely'' in higher value property markets.
But Hometrack said it does not expect to see widespread house price falls but there could be a slow-down in sales as buyers put plans to move on hold during the period of post-referendum uncertainty.