Two of the UK’s largest property funds are expected to revalue assets this week, giving a clearer indication of how the market has fared over Christmas.

According to the Daily Telegraph, Norwich Union Property Trust, Britain’s biggest property fund at £3.6bn, is expected to say its asset value has fallen less than 2%, while New Star is understood to have left its valuation unchanged.

The Norwich Union fund has slashed unit prices from 203p at the end of June to 167p recently.

The underlying assets have lost at least 10% of their value since November. As a result, the fund has been selling off property.

New Star, which is advised by agent CB Richard Ellis, cut the value of its fund by 8.2% in the first half of December, taking the total markdown since July to 18%.

It has not officially put any assets on the market but is thought to be open to offers.