A new study by the BBC has suggested that, contrary to received wisdom, Britons, and hence the economy as a whole, won't be unduly affected by even a major fall in house prices.

Most current forecasts estimate that house price growth in 2008 will come in at between nought and five per cent, but even a price fall of up to ten per cent would not reign in consumer spending, the study suggested.

Of the 1,000 people questioned, 88 per cent said that this kind of slump would have absolutely no effect on their spending.

A similar percentage - around 80 per cent – said that even larger borrowing for the likes of a car or a holiday wouldn't be affected.

As the BBC noted, the report calls into question whether or not a house price slowdown would have the economic knock-on effects that many assume.

The findings come as the Royal Institution of Chartered Surveyors has said that the UK mortgage market is unlikely to suffer the same fate as has been seen in the US because of differing fundamentals.