By contrast, when we release the housing market forecasts contained in this report, 134 days will have passed since the EU referendum decision. The Brexit vote makes forecasting more perilous than usual. It also has the capacity to shape the market over the next five years. But in terms of its impact, it’s not comparable to the events of the late summer of 2007.

Economic forecasts have been cut back. This means less impetus for house price growth. Buyer sentiment across all sectors of the market is likely to be fragile during the period of negotiations to leave the EU. Yet interest rates are expected to stay lower for longer, preserving affordability for those with a mortgage. This reduces the risk of a housing market correction, even in the highly priced markets of the capital.

Politically, the vote to leave the EU has spawned a new prime minister and a minister for housing. This has heralded a new approach to housing policy, one that is less wedded to relentlessly promoting home ownership, by giving renewed focus to driving up new housing delivery across a range of tenures.

Looking forward, politics will influence the market in other ways. Increasingly, taxation is being used as a housing policy tool, whether that be the reduction of tax reliefs for buy-to-let landlords, a stamp duty surcharge for investment properties and second homes or the high rates of stamp duty applied at the top of the market.

In the following articles we have explained in more detail how all of these factors have affected our outlook for the housing market over the next 1,883 days to the end of the year 2021.