Jeremy Corbyn's "garden tax" would cause a housing market crash across the South of England, property experts have warned.

Under the flagship Labour manifesto pledge homeowners would pay an annual tax based on the value of their land, instead of paying council tax.

But calculations by this newspaper show homeowners in London and the South East would be disproportionately hit, forcing many to choose between paying tens of thousands of pounds a year in extra tax - or selling up.

This effect would "decimate" house prices according to housing expert Henry Prior, who correctly called the last major dip in 2007.

He said: "It is almost inconceivable that such a tax would come forward in the way being suggested. It would not be too dramatic to suggest it could decimate the market and it would also have a huge effect on lenders, whose assets would be greatly reduced.

"And people who have have bought homes over past three or four years would be completely stuffed as they would run into negative equity. It would be devastating."