Lonres calls time on central London market until after election

Central London's market this autumn is characterised by more fall-throughs, increased supply, reduced demand - especially from overseas - and transactions taking longer, according to Lonres.

Lonres highlights five key figures to express the sentiment in the capital's prime areas at the moment:

- some 52 per cent of agents report a rise in instructions;

- 62.7 per cent say it's taking longer to sell;

- 52 per cent of agents report fewer applicants;

- some 13 per cent of properties for sale are also being marketed to let; and

- almost 58 per cent of agents expect 2014 to end with fewer transactions than 2013.

Lonres chairman William Carrington says the sub-£750,000 is particularly hit by the downturn in transactions.

In addition, withdrawn properties are increasing in number. Some 37 per cent of agents reported that the number of withdrawals has increased over the past three months while just 11 per cent report a decrease.

Lonres has produced a ratio of the number of properties sold in 2014 for each property withdrawn. Westminster is best at 2.5 sales for each withdrawal; Mayfair, by contrast, records just 1.3 sales for each property withdrawn.

The general consensus is that the market is continuing to contract and sales will decrease, with a general softening of prices until the election passes next May he says.

And he adds: It could be a long winter.