It seems that there has been an initial knee jerk reaction to the referendum result with buyers holding fire due to the uncertainty ahead.
A reduction in house prices is also anticipated and this is already being seen in the market as buyers are seeing an opportunity to renegotiate deals already agreed.
On a positive note, there is likely to be more properties coming back on the market which may assist with the general lack of supply that has been reported recently and first time buyers may also welcome a reduction in house prices!
Of course the full impact of the result remains to be seen once the initial shockwaves have cleared.
London estate agent Foxtons has warned its full-year profits and revenues will be lower than expected due to “significant uncertainty” in the housing market brought about by Brexit. Foxtons' shares fell 22pc to £1.33 by late morning. The stock is now down 36pc in two days, having closed down 19pc on Friday after the result of the EU referendum was revealed