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London-based banks have shifted their position in relation to Brexit in recent weeks.
Rental value declines in prime central London continued to moderate in January, as the rate of supply of new available rental properties slowed.
Signs of stability returned to the prime central London sales market in the final quarter of 2016, which appears to be carrying into 2017.
As a former property journalist I understand why the media uses Brexit to explain the performance of the UK housing market.
The prime central London market has experienced a sharp decline in sales volumes since mid-2014.
Sterling has weakened by more than 15% versus the US dollar since the EU referendum, boosting the interest of buyers denominated in overseas currencies.
The slower sales market over the past 12 months has boosted demand in the super-prime lettings market Higher rates of stamp duty have altered the dynamics of both the lettings and sales markets in prime central London.
Demand in the prime central London lettings market continued to strengthen in September as uncertainty persisted over short-term pricing trends in the sales market.
There are embryonic signs of strengthening demand in the prime central London residential market as higher rates of stamp duty are increasingly reflected in asking prices.
UK Prime Minister Theresa May has stated that tackling the country’s “housing deficit” is one of her priorities.