Fitch, the credit rating agency, today warns that Brexit might lead to a 25pc correction in house prices, bringing them down to what Fitch believes is their long term "sustainable" level. I don't mean to be irresponsible, but good; this would be very welcome.

There are few things likely to turn me into a Brexiteer, but the prospect of falling house prices might just do it, and I speak here as someone with some degree of housing wealth. A Treasury assessment of the short term consequences of Brexit, due to be published in the next week or so, is expected to focus heavily on this supposed bogey. But I wonder whether a sharp correction in the housing market is in fact the unarguable harm presumed, or even if it is true that Brexit would lead to such an outcome.

Unless you are a buy-to-let landlord - a tiny minority of the population - or about to sell up and leave the country, the price of houses doesn’t matter. Indeed, if prices were a bit cheaper, and therefore more affordable, I would wager that most people would be a good deal happier.