Adrian Black delivers critical property market insights and the influences, behaviour and money driving them.
The slowdown in our west prime central London areas is stabilising after the drop in the spend on residential property in November and December. The final column in the graph below is for roughly half of January, so doubling the number will show the approximate outcome.
Buyers are out there. They are cautious but also, at the same time, concerned not to miss the type of property they are looking for. Demand is definitely accumulating. As we have referenced before - the 2015 story will be all about supply offered by willing vendors. If the supply that is intended to be transacted increases, rather than offered on the market just to test the water at a potentially inflated price, then prices will come under pressure. But, if a large proportion of supply is offered by discretionary/conditional sellers then prices will be maintained. Discretionary/conditional sellers are vendors who would only sell if they are offered a certain price, most often above the current market price.
After the recent fall the current market is finely balanced.