As we approach the end of what has been an interesting and eventful year in the London property market, I thought I’d look back at what’s happened in 2014 and then look forward to what 2015 may bring.
The first quarter of 2014 was madness! I think all of us working in the London market were a little taken aback by the 'feeding frenzy' of the market and with the benefit of hindsight, the Mortgage Market Review was an inspired policy from the Bank of England, which applied the brakes to the runaway train that the market had become. However, in London it had the effect of stamping hard on the brakes and the market slowed dramatically throughout the remainder of the year. Again, this is no bad thing and it has enabled buyers and sellers to take stock and address their entry into the market in the light of new and much tougher lending criteria. This has undoubtedly had the effect of softening prices in many parts of Prime London.More »