"More BTL properties coming onto the market will put further downward pressure on prices"

Stuart Crispe, founder of Sunny Avenue:

"Given all the rate rises we have had over the past year, downward pressure on house prices was inevitable.

“Even after the better than expected inflation data, it needs to drop further and the base rate to stabilise or come down before the property market once again starts to rebound.

“We could see a rise in BTL investors leaving the market, as well as those who cannot afford to keep their homes, putting them up for sale.

“Though the lack of supply will likely prevent a collapse in prices, more BTL properties coming onto the market in particular will put further downward pressure on prices."