Read MoreUK housing boom cools amid 'mortgage prison' fears
However, Beale said estate agents were starting to report a reduction in the number of viewings for properties and house price reductions.
"My view is that in London we will see a natural correction through the summer months. That intense heat does seem to be dissipating a bit. We could be seeing the early signs of a natural correction," Beale told Reuters on Wednesday.
Read MoreMore than 50% of UK homes to be rented by 2032
Bank of England officials have become more vocal about their concerns over the housing market in recent weeks while Britain's biggest mortgage lender Lloyds Banking Group said it was introducing tougher lending criteria to help tackle rising prices.
Nationwide, Britain's third-biggest mortgage lender, said it more than doubled its underlying profit last year and hit a capital target set by Britain's financial regulator a year early.