Estate agents say it will be business as usual for the property market across Cumbria after a slight drop in the run-up to the referendum.

Further afield, however, experts predict a worsening situation at least for the short term.

They also believe there will be a Brexit bubble at the higher end of the market where sellers should resign themselves to prices falling further in an already weakening market.

Locally, Cumbria's relative isolation from the peaks and troughs of the industry nationally will stand it in good stead, those working in the property sector believe.

Adrian Tod, director at Hayward Tod, confirmed his business had seen a slowdown in the run-up to polling day and added: "All sorts of economic aspects, good bad and indifferent, are being discussed but nothing much will happen in the region, I don’t think.

"We’re less affected by these kinds of things than the London market, more sheltered here, but people may sit on their hands and decide what to do in the next two to three weeks."

Neil Emmerson, general manager at Tiffen & Co, also believes that the situation may take some time to return to normal.

He said: “I think that the leave decision has taken the local community by surprise, and that the uncertainty we felt prior to the referendum will continue for a little while longer.

"Transaction levels may be subdued in the short term until we all know how this is going to affect us and the wider economy. The Cumbrian market is less volatile than larger population centres, which will help us.”

David Hogarth, director of Cumbrian Properties Ltd, was more positive about the situation: "There has been a lot of uncertainty in the property market, in particular vendors have been holding back placing their properties on the market and awaiting the results of the referendum.

"Now a decision has been made, we anticipate that we will soon see a return to normal trading with a positive summer's trading ahead."

It is now the responsibility of the Government to steady the economic ship, said Alex Windle, general manager, marketing, Cumberland Estate Agents.

He said: “Like everyone else, we don’t yet know the full implications of the referendum decision and can’t predict what it will mean for the housing market in Cumbria.

"Uncertainty remains the greatest concern for the UK economy - and ultimately interest rates – and it’s the Government’s job to ensure that they do everything possible to counter this and set the tone and framework for the UK economy to thrive.

"Today and for the foreseeable future nothing changes for the Cumberland. Mortgages are available and retail savings are safe.”

Steve Errington, chief executive of developers Story Homes said: “While the Brexit vote came as a shock to many, and today has seen some uncertainty around the economy, Story Homes is well-placed to continue to deliver much-needed new homes to the market both now and in the future.

"We expect the period of uncertainty to settle in the coming weeks, and we will be watching closely as things progress to understand any implication or opportunity for the housebuilding industry.”

In the wider region, Geoff White, policy manager for the Royal Institution of Chartered Surveyors (Rics), said: “Uncertainty over the renegotiation and the North West’s future relationship with the EU must be minimised by laying out a clear timeline and set of ambitions.

"There are questions around the impact on access to a skilled workforce to meet the North West’s construction and infrastructure needs.

"We need reassurance that workforce migration will be addressed as a priority and it must not be allowed to impact on the attractiveness of the North West for investment, or as a place where major corporate and industrial occupiers want to do business.

“Given their role in the economy, property and construction require stability, clarity and certainty. Regardless of our relationship with the EU we need to ensure that investment into the North West’s property markets and infrastructure continues.”

And Richard Lambert, chief executive at the National Landlords Association, said: “We welcome Mark Carney’s reassurance that the Bank of England and the Treasury have extensive contingency plans in place to ensure the country’s financial stability.

“Any knee-jerk reaction will have a real impact on our members’ mortgages, tenants’ rents and overall confidence in the market. So we would urge the policy as regards to interest rates should be, to continue the Prime Minister’s analogy, one of steady as she goes.”