A SHORT-TERM hiatus in West Fife house prices and sales could follow the UK's decision to leave the EU, according to a Dunfermline property expert.

Michael Maloco, senior partner at Maloco + Associates, foresees a “period of reflection” but assured that it was “certainly not Armageddon for the property market”.

Following the results of the historic EU referendum this morning, Mr Maloco – who had been “fervently hoping” for a Remain win – told the Press: “Everyone needs to remain calm; panicking is not going to serve anyone's interest.

“There will certainly be a period of reflection and it wouldn't surprise me if there was a short period of hiatus in the market – but there would be a drop-off at this time of year anyway, so it will be difficult to judge.

“The market has been rising quite steadily this year in terms of the number of sales being agreed on and prices rising, but that will certainly plateau for a little while.

“Dunfermline's average house price is £150,000 to £160,000 – that's not going to be the area of the market that will be most affected immediately.

“The £325,000 and up market – might be affected more because people who are buying at the upper end may be in jobs and careers where they might be relocated or have bigger pension pots, and might not want to take on a bigger commitment until they see how the rest of their investment portfolio performs.”

Mr Maloco assured that there was still demand in the housing market, adding: “There are still too few homes for people looking to buy – that's not changed because of the Brexit vote.

“In Scotland and the UK, up to this point, we've built too few homes, and supply and demand might come closer into balance, but I don't see a stage where supply outstrips demand.”

Once Britain invokes Article 50 of the Treaty on European Union, which establishes the procedures for a member state to withdraw from the EU, it will have a two-year window in which to negotiate a new treaty to replace the terms of EU membership.

Mr Maloco said this meant the long-term forecast for the property market would be “more difficult to call”.

He explained: “If the pound goes low and stays low, then imports which are bought in US dollars will be more expensive.

“This could lead to inflation and rising interest rates could depress the market further.”

He continued: “We need to see what Brexit brings – hopefully the opportunities we've been told exist and will come to fruition.”