Press Release: London, the first to go into the downturn and the first to come out of it
Whilst 2008 has (so far) not been the best year for property in London, I believe we are starting to see the first few signs of the market sentiment turning. Now, I am certainly not talking about a major bounce back in the Autumn, however I am talking about a sense of perspective returning to the market and already we are seeing buyers who were perhaps looking 9 months ago, returning to the market amazed at what they can now afford.
Prices in London have fallen, in some cases dramatically— this cannot last forever and with the age old issue of limited supply, it is only a matter of time before we see a recovery (and I believe it will be a rapid one) in prices across London. The property market in London was the first to react to the present credit crunch and it will be the first to recover. This next phase of the market will be dominated by those who are brave enough to call the bottom of the market and get involved once more.
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