The pace of average house price growth will more than halve in 2017, according to a report highlighting a series of challenges for the market.
The Royal Institution of Chartered Surveyors (RICS) said it expected a 3% increase next year - down from 6.5% in 2016.
Downward pressure, it said, was likely in the form of continuing affordability issues despite record low interest rates.
The report also forecast weaker demand from buy-to-let investors following stamp duty hikes imposed in April this year.
But it also predicted that high demand for a weak supply of new homes would maintain some price growth momentum.
The Government has moved in recent months to accelerate the pace of building through measures including cash support to ease the cumbersome planning process.
Its Housing White Paper, expected in the New Year, will set out exactly how it aims to achieve the ambition of delivering one million new homes by 2020, which the housing minister admitted last month was on track to be missed.
RICS saw its proposed ban on letting fees clouding the picture for both prices and rents, which it believed would also grow by up to 3% over the coming 12 months.
Its chief economist, Simon Rubinsohn, said: "Although recent announcements by the Government on housing are very welcome, the ongoing shortfall of stock across much of the sales and lettings markets is set to continue to underpin
prices and rents.
"As a result, the affordability challenge will remain very much to the fore for many."
There was a varied regional picture, according to the report.
At the top end of the price bracket, it believed London's property market - hit by stamp duty changes - would start to stabilise in price terms but only as a result of overseas investors taking advantage of sterling's weakness.
It saw East Anglia, the North West and West Midlands making price gains above the national average.
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