BRITAIN'S top banks have seen millions of pounds wiped off their value, as stock markets were sent into freefall by the UK's vote to leave the European Union.
The worst hit bank was the state-backed Royal Bank of Scotland, which saw its share price plunge by 23 per cent this morning.
Lloyds Bank and Barclays has also seen shares hit by around 20 per cent.
HSBC was faring best out of terrible performance, losing around five per cent off its stock price.
Housemakers were ever bigger losers this morning, as investors expect the vote to hit Britain's property market particularly hard.
Taylor Wimpey fell more than 40 per cent, Berkeley by more than 35 per cent, Crest Nicholson more than 34 oer cent and Barratt Developments by 28 per cent.
Overall, the FTSE 100 fell by more than nine per cent as it opened this morning losing more than & pound; 140billion in value, but has since receovered some of its losses and was down by around five per cent at mid-morning.
Russ Mould, investment director at AJ Bell, said: "Housebuilders have taken the biggest hit from the EU referendum decision as investors fret about a slump in the property market.
"Broader property-related stocks have also dragged down.
" Commercial property developer British Land declined 28.9 per cent as demand could be hit for its office blocks if foreign companies downsize their UK operations.He added: "The UK's largest bank by assets, HSBC appears to have avoided the worst from investor concerns falling only 4.8% to 433.8p." Although the lender operates from a tower in Canary Wharf much of its revenues are generated overseas. " .
Lloyds Banking Group today said customer deposits remained protected and it would now "consider any future changes that may be required" following the Brexit vote.
A spokesman said: "We remain committed to our purpose of helping Britain prosper through our focus on UK retail and commercial banking, funding business investment, and serving the financial needs of our customers to support them throughout this period and beyond.
"There are no changes in the products or services offered to customers, either in the UK or overseas. Customers can continue to use our banking and insurance services as they did before.
" Customer deposits in the UK continue to be protected by the Financial Services Compensation Scheme; and the Prudential Regulation Authority and Financial Conduct Authority remain our primary regulators.
"With the expected timescales for the negotiations, the Group will have time to consider any future changes that may be required in the new environment."
Barclays chief executive Jes Staley added: "This is a significant decision and there will be many questions asked in the coming days and weeks about what happens next. The answers are complex but our position is not: we will not break our stride in delivering the Barclays of the future.
"We have stood in service of our customers and clients for over 325 years. We have been here for them through equally profound changes before. And no matter what has been laid before us, we have been here to help them achieve their ambitions. "
In a statemet Virgin Money said:" As a strong, low risk, UK-only retail bank, we believe that we are well placed to manage any uncertainty arising from the result of the EU Referendum.
"It is 'business as usual' for our customers, and our intention to build a bank that makes Everyone Better Off is unchanged.
" We continue in our plans to support our customers, our communities, our corporate partners, and our colleagues and to build an excellent business for all of our stakeholders. "