London, and especially the priciest areas of the capital’s housing market, will be most affected, with prices dropping 5.6 percent in 2017, according to the consultancy’s predictions. Across the U.K., while property value growth will accelerate to 6.9 percent in 2016, it’s set to slow to 2.6 percent next year.

The number of owners cutting prices for prime homes in the capital jumped 75 percent in the 10 weeks following the June 23 vote compared with the same period a year earlier, according to data compiled by researcher Lonres. There was a 33 percent increase in the 10 weeks preceding the vote, the data shows.

House price growth cooled in the month after the EU referendum, according to the first official Government figures since the historic vote. The annual rate of growth fell from 9.7pc in June to a “robust” level of 8.3pc in July, according to the Office for National Statistics. Despite the slowdown, the 8.3pc growth rate is the third-highest measured so far this year. On a monthly basis, property prices edged up 0.4pc between June and July. The increase in values continues to be fuelled by high levels of demand and a shortage of supply, according to the Royal Institution of Chartered Surveyors.