IFAs are now split over the short-term prospects for the mortgage market following months of upbeat assessments.
Bank of Ireland Mortgages surveyed over 100 brokers and found that 43 per cent believe that the market will contract over the next three months.
This compares with 20 per cent in June and just 3 per cent in February.
But over 45 per cent remain optimistic about the market prospects.
The brokers who expect the market to contract are predicting it will do so by a quarter. Pessimists in June expected only a 10 per cent contraction.
The number IFAs who believe the market will expand peaked at 66 per cent in June and is now down to 45 per cent. The expected size of expansion is also slightly more cautious.
Legal & General housing marketing manager Richard Verdin says: "IFAs are becoming increasingly cautious about the looming spectre of recession and how it will affect people's purchasing patterns.
"However, there has to be a good deal of optimism being provided by this sustainable relatively low interest rate environment which makes being a home owner far more attractive than renting a home."