Some estate agents in Leicester have reported that the prices of some city centre apartments have fallen by up to 30%, according to a report by the BBC. Fears have also been raised that the wrong sort of homes are being built in Leicester and a lot of accommodation is being left empty as a result.

At the same time planning officials have reported a ‘crying need’ for family housing, with calls for 1,200 to be built annually in the region. The city council said it could not put a quota on different types of developments but called for a sensible mix of housing.

One estate agent reported that a two bedroom flat in Alexander House in the St Georges area of Leicester, which was bought two years ago for £135,000, had just sold for £88,000.

Some of the new-build flats which are currently on the market in the city centre are said to be in excess of 70sqm and unaffordable to most local workers to either rent or buy. At the moment, there is so much new supply on the market that buyers are reported to be able to pick and choose what they want.