London, 28 March 2017 Sales We are pleased to report that we are seeing 'green shoots' return to the market. Whilst transactional volumes remain relatively subdued compared to 2013-2014, we are seeing the effects of the increase in Stamp Duty (SDLT) slowly being assimilated into the market. There is a sense that the worst is behind us, while in some cases values may have come off by as much as 13% over the last two years, the market has now stabilised. The impact of SDLT has been most profound at the upper end of the London market – most notably within the family house sector. However, there have recently been some significant sales at the very top end where SDLT becomes less relevant. Where vendors are willing to price realistically, there is reasonable turnover, particularly between £1m - £3.5m, but it is fair to say that rates are now averaging around £1,800. There remains some caution over the long-term effects of Britain’s imminent departure from the EU, but the devaluation of sterling has encouraged a return of foreign purchasers to prime central London which is an encouraging show of confidence in the future of London as a Global City despite the spectre Brexit. Our new developments team have had considerable success recently both in the UK and overseas with a number of high profile launches for developments such as Landmark Pinnacle, The Residence and West End Gate. Early sales to investors on these initial phases have been sourced both within the UK and from overseas, underwriting much needed future supply of homes for London. Whilst we are likely to see some uncertainty over the next two quarters as the first reaction to Article 50 impacts, the recent comments of Qatar’s finance minister Ali Shareef Al Emadi should inspire confidence, "currently the UK is our first investment destination and it is the largest investment destination for Qatar investors, both public and private". You could not wish for a stronger endorsement for the long-term health of the UK property market than this.