But, she warned, that “sustained falls in valuations” will be unlikely as demand continues to outstrip supply and bidding wars “still rife”.
She continued: “The market continues to be thrown off balance in many parts with buyer demand high and supply definitely down.
“We’re still seeing ‘For Sale’ signs being ripped out of the lawn almost as soon as they are planted in some areas, and in many parts of the country estate agents’ shelves are still looking bare.
“While this new data suggests things may be calming, it’s far too early to predict the end of the boom.
“Don’t be surprised to see more record highs this year, in what remains a sellers’ market.
“Most analysts have given up trying to predict the future.”
Managing Director of Barrows and Forrester, James Forrester said a “natural market adjustment” was always going to occur after a period of “property panic buying” spurred on by the stamp duty holiday.
He added: “However, the proof in the pudding is yet another strong annual rate of growth and the reality is that there has been no let-up in demand, while available stock also remains scarce.
“So where the long-term health of the market is concerned, we are yet to see any signs of a wobble.”