It is too early to talk about a recovery in the long-term decline of the prime central London sales market despite some signs of increased buyer activity.
That's the verdict of high-end agency Knight Frank, which says sales volumes between £2m and £5m - common prices paid in prime London - were higher in October than in any month this year with the exception of March.
However, the agency's researcher Tom Bill says: "It would be premature to suggest a recovery is underway and buyers remain exceptionally price-sensitive", adding that sales of properties priced £2m to £5m so far this year are a third lower than in the same period of 2014.
"Future negotiations between the UK and the EU also have the potential to act as a brake on demand" he warns.
Prices of £2m to £5m properties have fallen by 2.4 per cent, while those priced between £1m and £2m are down 1.4 per cent.
Overall, says Knight Frank, prime London prices are now the same as in the second quarter of 2014.