Property prices are correcting themselves and will not enter a serious slump, it has been suggested.

Robert Bryant-Pearson, the chief executive of Allied Surveyors, said that there does not appear to be any evidence that the UK is poised for a property crash in the near future, explaining that prices of some properties are simply coming back into line after years of rapid growth.

"There is still a severe shortage of homes which means that prices cannot plunge, only correct for certain types of property which has been a long time coming," he commented.

Last year, Nationwide predicted that house prices will be flat in 2008 as the housing market cools, something Mr Bryant-Pearson argues "masks significant fluctuations in various sectors".

He highlighted family homes located close to schools and transport links as one area of the market which "will continue to enjoy healthy demand" this year.

Overall, Mr Bryant-Pearson said his firm is confident about the property sector, adding: "Our feet are on the positive side of the fence ready for increased market activity in the spring."