BNP Paribas is in talks to snap up estate agency Strutt and Parker, which specialises in high-end country houses.

The talks between the two companies are understood to have been going on for several months and may not lead to a deal, the Financial Times reported. Both BNP Paribas and Strutt and Parker declined to comment.

Strutt and Parker has been struggling with the slowdown at the top end of the property market, where it operates. It reported a 35pc fall to £18.2m in pre-tax profits in its results for the year to December 2016, with revenues of £108m. It has been rumoured to be up for sale since last year, advised by Evercore.

If it goes through, the deal would be a big vote of confidence in the British property market. Transactions of expensive property in London and the countryside have slowed as a result of economic uncertainty due to the EU referendum, as well as hikes to stamp duty for landlords and for homes worth more than £925,000.