Economists expect the current inflation rate of 0.6% to increase to around 2% by next autumn, which would be ahead of most people’s wage rises. Although interest rates will subsequently remain low, experts believe it will still affect the “feelgood factor”.

Marcus Wright, a senior economist with Royal Bank of Scotland, said the outlook in the past few months had been positive, but that this could now change. “The economy went into the referendum with a bit of momentum,” he said. “Low inflation is the dynamic, but that is set to change in the coming 18 months. If inflation rises from the current 0.6% to 2%, retail sales will diminish. We reckon inflation will rise back towards 2%, eroding the growth dynamic.”

Wright warned that the level of household debt was also a worry.

“If anyone is under the illusion that we have become more prudent, think again. This rising pile of debt we have is not just exclusive to the years of crisis.”

The period before the UK’s actual departure, which will last at least two years, will also put pressure on housing costs, he predicted, with inbound migration equivalent to “another Greater Manchester” by 2020 and rents rising above income growth. However, there is an upside to immigration. “We are getting the best part of 2% GDP growth from what is happening on the population side,” he said.

Pressure from rising rents and unaffordable housing is already having distinct effects on different age categories. “If housing is shut off to them or happens much later in life, it is a really important dynamic, thinking about your business.”

The housing crisis was reflected in median wealth, with that of the 30-55s falling 5% since 2000 and the 65+ age group seeing theirs rise 35%. “It’s important to think about your business and whether it is targeted to that dynamic,” he added.

Short-term, he concluded however that the outlook was optimistic. “Low interest rates, strong population growth and a banking system that is functioning will all remain.”