Even before the Brexit vote, the high-end residential property market, in London in particular, had become slower, undoubtedly due to the changes in taxation of buy-to-let landlords such as the additional 3% stamp duty land tax (SDLT) and the forthcoming changes to the deductibility of finance costs.

That said, as a short-term consequence of the vote, London property deals in aggregate worth more than £650m have fallen through and open-ended funds have had to deal with investors seeking redemptions.

The focus of a number of commercial property investors had already started shifting towards income yields, recognising that the period of capital growth was coming to an end. The outcome of the referendum was unexpected and resulted in a short-term shock to that sector.