After some years of very strong growth in prices, the market paused for breath in the second half of 2016. Stamp duty rises accentuated this.
In our view, Brexit was, and remains, a sideshow by comparison. The economy is seen to be less threatened than predicted and the Stirling exchange rate, combined with low interest rates, is a strong motivator.
Sellers, buyers and investors have shrugged off any uncertainty and there has been a strong start to 2017, as demonstrated by the 16,000 viewing appointments Dexters booked with active buyers in January.
From a property point of view, there is no evidence of particular areas of London being nervous about Brexit negotiations, with stamp duty having considerably more impact.
Investment interest remains strong; first time buyers are out in high numbers looking to buy and traditional family areas are very busy as buyers and sellers can no longer see a good reason to delay moving now that Brexit negotiations are underway.
Britain took its latest step towards leaving the EU on Wednesday night, with MPs overwhelmingly backing Theresa May to formally begin Brexit in a historic House of Commons vote. The European Union (Notification of Withdrawal) Bill was approved after around 40 hours of debate during which nine proposals to amend it were rejected by MPs. Having cleared the House of Commons without any alterations with 494 votes to 122, the bill to pave the way for the formal Brexit process to begin under Article 50 of the EU treaties now passes to the House of Lords.