While still true at the national level, London can no longer be characterised as a sellers’ market. An apparent shift in attitudes among sellers, combined with lower buyer numbers has sharply altered the balance of power. Experience suggests that this transformation has gone far enough to make a fall in London house prices more likely than not in 2018 and we have cut our forecasts as a result. But there are good reasons to believe that those falls will not exceed 3% to 4% this year.
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