Analysis by KPMG states that if Britain leaves the European Union with no deal house prices could fall by around 6 per cent across all regions in the UK.

Chief economist at KPMG, Yael Selfin, also concludedthat in a worst case scenario, “more severe falls of around 10-20 per cent [are] also possible if we look at historic precedents”.

This is still some way off the Bank of England’s previous warnings that the UK housing market could see a 30 per cent fall in house prices were the UK to leave Brexit with no-deal.

Capital Economics said that fears over house price collapse is likely to lead to buyers exiting the market and that mortgage approvals could retract by 10 per cent.

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