The latest RICS residential market survey said that the property market is “still struggling for momentum, with renewed geopolitical and macroeconomic uncertainty weighing on buyer sentiment and near-term expectations”.

RICS said that new buyer enquiries were down in February with a net balance of 26% of those surveyed reporting a fall in enquiries.

The net balance is the proportion of survey respondents that report a rise versus those reporting a fall.

A net balance of 12% noted a drop in agreed sales, down from 9% who reported this in January.

However, those surveyed were more positive for the property market over the longer term.

A net balance of 17% said they thought sales would pick up over the next 12 months.

RICS said a net balance of 12% of survey respondents reported house price falls in February.

The biggest downwards pressure on house prices came in London, with a net balance of -40%.

RICS said that renter demand was stable over the three months to February, but that landlord instructions were negative, indicating a lack of rental homes.

RICS head of market research and analytics Tarrant Parsons said: “February’s survey highlights renewed volatility in the market. While activity indicators at the start of the year suggested a tentative improvement, the deterioration in the geopolitical backdrop has clearly weighed on confidence.

“The recent rise in oil and energy prices has also increased the likelihood that mortgage rates will remain higher for longer. As a result, near-term expectations have softened.

“Although the 12-month outlook remains positive overall, maintaining that trajectory will depend on the recent spike in inflationary pressures easing in the months ahead.”

Shawbrook managing director of real estate Emma Cox said: “A notable dip in buyer demand and largely stagnant house prices demonstrates the increased volatility impacting the market.

“Lingering concerns over affordability, inflation and interest rates are now being compounded by wider macro events, reinforcing market expectations that borrowing costs could remain higher for longer and prompting some buyers to take a more cautious approach.

“However, this could see more would-be purchasers turn to the rental market in the meantime, presenting opportunities for professional landlords to meet sustained demand by providing high quality, energy efficient homes.”