The growth in legacy income has slowed to 4.4 per cent in the year to June 2015, reflecting trends in the UK housing market.

According to the latest data provided by Legacy Foresight “income growth rates have slowed significantly over the past six months”. For the year to December 2014 income growth was 9.9 per cent and for the year to March 2015 it was 5.6 per cent.

The 76 charities which take part in the Legacy Monitor Consortium collectively received 48,500 legacy notifications in the year to June 2015 and had a combined legacy income of £1.25bn.

Some 31 members experienced a fall in legacy income while 45 saw a rise.

Legacy Foresight attributes the slow down to house prices not rising as quickly as in the past.

“Cooling property prices have impacted on residual values in particular, up by just 2.6 per cent in the past 12 months, and now standing at £58,000,” the report said.

The Legacy Monitor Consortium was set up in 2008 to track legacy trends. This year 76 charities are taking part, which together account for more than half the overall legacy market.