“After spending the run up to what was due to be Brexit Day in low gear, the property market struggled to find the gas pedal in April – with the national picture being dragged down by sharp price falls in London and the Southeast.
“Modest though this year’s Spring bounce is [+1.4% in April], the stagnation of the first quarter has been replaced by a cautious equilibrium. Sellers are being coaxed back to the market by the gradual return of stable demand, and activity levels are brisk.
“However in price terms the picture is as polarised as ever. For London sellers there is only respite, not recovery. While the pace of price falls has halved from the tear-inducing drop seen in the 12 months to March, this latest 1.2% fall suggests the capital’s correction is still underway.