A range of factors might currently be affecting the residential property market, but there is no need for widespread panic, says Andrew Golding, chief executive of the Pam Golding Properties group.
Golding says though there is much speculation about the current situation, generalisations being bandied about in the marketplace about house prices are dangerous.
"The fact is it's not a 'one size fits all' scenario and there is no question that sales volumes have declined by 20 to 30 percent year on year with an inevitable effect on house prices," Golding says.
"But the residential property market is sufficiently robust to deal with the changing dynamics and will continue to provide a reliable mechanism for buying and selling properties, albeit at lower volumes."
He says prices will adjust in line with supply and demand but fundamentally there are still valid reasons for residential homes to trade and there is certainly no need for panic selling.
He says, though, sellers who are looking for a premium price in the current situation will be fortunate to achieve this, the residential property market comprises a broad mix of areas in which values are still appreciating, holding steady or remaining flat, or declining.
"We are currently in a consolidating market and, while there is a contraction, the reality is not as gloomy as is presently being portrayed.
He rejected claims that we are in a recession, saying that inherently the economy is still growing and the residential property market is characterised by an under-supply and over-demand.