The PRA made this statement in response to questions it said it received from firms relating to requirements in the Capital Requirements Regulation (CRR) for property valuations for residential and commercial real estate exposures.
The Office for National Statistics and Reallymoving are among some of the analysts which have said house price data will be suspended due to a lack of data.
For existing mortgage exposures, the regulator said firms should continue to monitor the value of properties but where this is not possible, a valuation should be deferred until an updated one can be carried out.
The PRA also said banks could continue desktop valuations and drive-by valuations where appropriate.
The guidance applies to all firms which adhere to the CRR and the PRA said it would keep this under review.