The Richmond and central London housing market is rather difficult to assess currently. Undoubtedly, buyer activity has been quieter since Easter but there could be several factors behind this, including the following.

The recent implementation of the Mortgage Market Review (MMR) changes to lending. Whenever there is a shake-up of this kind it usually causes buyers to adopt a temporary wait and see approach.

A late Easter, followed by BH weekends all in quick succession, along with half term; these traditionally result in quieter periods of buyer activity. We have also experienced recent poor weather and buyers are fair-weather creatures by nature. All of this has coincided with the European and Local Elections, which have taken people’s minds towards the General Election, the varying outcomes and the policies being speculated upon, such as mansion tax.

The increased speculation and possibility of earlier than expected interest rate rises, along with the other points, are fuelling the media who are always keen to sensationalise potential house price growth or slumps.

After a buoyant 12 months the market is seemingly, pausing for breath and whilst supply of property for sale has improved slightly, there still remains, relative to demand, a substantial shortage of property available for sale.

We may see the remainder of 2014 offering fairly modest growth compared to the first half of the year, in short we are returning to normal market conditions with properties taking a few weeks to sell rather than the 48 hours we have all become accustomed to.

Please do not hesitate to contact me should you require further information on current market trends, alternatively if you would like to share your own viewpoints on the market.