A local property expert warns that house prices may fall by 10% this year. 

Ashley Peters, owner of online conveyancing firm X-Press Legal Services Norfolk and Suffolk, said that it will be a "very interesting 12 months" for the industry. 

He added: “A fall in house prices is inevitable after the highs of the past few years however, I don’t think we will see a drop much lower than 10%."

This, he said, is not as severe as some experts have predicted. 

In a survey carried out by The Times, two-thirds of economists questioned forecast that house prices across the UK will fall by more than 4% this year. 

The majority said the decrease may reach near double digits. 

Mr Peters, however, believes that the fall could be less due to "plenty of market movement". 

He added: "Some homeowners might take a ‘wait and see’ approach to the market, while others struggling with mortgages and rising bills may be forced to sell."