UK house prices could drop by 5% if the UK votes to leave the EU in the referendum on 23 June.

Prime Minister David Cameron announced the Brexit vote over the weekend and online estate agent eMoov.co.uk has said confusion surrounding an EU exit could hit housing market confidence.

Since Great Britain joined the EU in 1973, the average house price has increased by over 2,000%.

Russell Quirk at eMoov said it won’t necessarily be leaving the EU itself that could see house prices drop, but the uncertainty amongst homeowners and buyers as to what will happen next.

He said an EU exit would cause a “nervous ripple effect across the UK”, with homeowners and buyers choosing to baton down the hatches and weather the potential uncertain economic storm.

Uncertainty will focus on the impact on unemployment, economic growth, and exports.

Quirk said: “The potential reduction in demand for housing will almost certainly cool the market and house prices will reduce to reflect this.

“In an already inflated UK market we believe prices could easily drop by 5% maybe more, so the average UK homeowner could see their property reduce by £11,000 in value.”