■ Transactions: buyer sentiment is likely to lead to lower sales volumes in the short term. The possibility of tighter lending could pull transactions numbers further down from recent UK highs of 1.3 million a year. However, at this stage, we do not expect sales volumes to decline to post credit crunch lows.

■ Mortgage lending: so far it has been business as usual. Should downside risks persist, there is a possibility that lenders tighten lending criteria. If stricter borrowing rules come into play, first-time buyers and second steppers will be the most affected.

■ Low interest rates: will underpin house prices with the prospect of a cut in base rates. This may present opportunities for those on low loan to value mortgages.

■ House prices: price growth is likely to slacken as a result of weaker demand in the short to medium term. Looking ahead, the possibility of a slower economy could have an impact on price growth. We do not rule out the possibility of price falls in weaker markets.

■ Low supply: low levels of house building has resulted in a market that is fundamentally undersupplied. This has not changed.