London’s commuter zone, housing located 30-60 minutes from London, has retained positive growth, up 0.8% in this quarter and 3.5% year-on-year. However, this news is offset by reports that the prime suburban markets around London has declined by -0.4% between the months of April and June.

By contrast, the urban real estate market continues to be buoyant with price growth increasing by 3.6% year-on-year, compared to rural locations which only increased by 0.9%.

Though growth in prime real estate has been prominent, smaller and cheaper homes have been outperforming larger ones. Figures show that houses priced under £500,000 have had the strongest growth, up 0.9% from April to June and 4.6% annually, compared to a fall of -0.2% this quarter and annual growth of only 0.6% for houses worth over £2m.

Sophie Chick, associate director at Savills research, said: “Prime regional markets are at a different stage in their cycle, having been slower to recover since the 2007 peak, and therefore appear to have been slightly less affected by pre-referendum uncertainty.

“However, while the prime regional markets continue to offer real value compared to London, these figures suggest that the ripple of house-price growth out from the capital was put on hold before the referendum.”