According to the Royal Institute of Chartered Surveyors (RICS), the chances of a 1990’s-style housing market crash is one in ten.

A crash would mean a drop in property prices of about 20%. Prices in the 1990s plummeted by 35% over six years allowing for inflation.

Simon Rubinsohn, chief economist at RICS, said: “It would be foolish to rule out the possibility of seeing one unfold. There’s a 90% chance things will stay the same and are not going to change unless a pretty horrible set of conditions falls into place.”

He also said there was a 20% chance of a 10% fall in London house prices over the next 12 months.