From January to Easter it was a tough slog with buyers holding back and the price expectations of sellers being too high. However, after Easter we found that activity started returning. The phones where busier, buyers where keen to get out and view property and sellers expectations where falling in line with buyer sentiment. Valuations increased, and the mood was quite positive.
This all changed after the summer as the Brexit radio waves increased. The traditionally quiet August continued into September. October was around the corner and there was talk of a Brexit deal being voted on in October (Ha!!). Things have remained quiet since, and although December was actually quite busy, this final third of 2018 has been very difficult.
The main feature of the 2018 market was the lack of active buyers. From talking to the applicants it’s been clear that although motivated they are happy to also wait.
In 2019 I think that prices will continue to plateau, although once we have a Brexit decision I think that we will see an increase in activity levels. There is generally a confidence about living and investing in the West End, with its world class combination of infrastructure, restaurants and shopping, where clever place-making has seen unique neighbourhoods with strong identities thrive.
Historically prices have always remained resilient and low interest rates mean that if sellers are not under pressure they will hold onto their apartments, as therefore I do not predict any collapse in price as the stock might just not come to the market.