Data from Your Move and Reeds Rains - for May, so well before the EU referendum result - suggests average prices slumped 0.4 per cent in just the one month.
But the agencies say first time buyers paid record sums to get on to the housing ladder in May, despite what was then the uncertainty of the upcoming vote.
May saw first-time buyers pay an average of £173,282, which is up 2.7 per cent from £168,656 in April and 15.8 per cent more than the average of £149,645 seen in May 2015.
Completed first-time buyer sales totalled 24,900 in May, just 0.8 per cent lower than the 25,100 seen in April
“The Brexit result won’t change the fact that huge numbers of aspiring first-timers want to buy a first home, and lots won’t want to wait out the two years until the renegotiations over the EU have been completed” says Adrian Gill, director of Your Move and Reeds Rains.
“In the short-term, wider market wobbles may benefit first-timers, giving them the leverage to negotiate harder and get a good deal on purchase price. Canny first-timers will use any Brexit lull as a chance to snap up a good deal and get on the housing ladder” he claims.