Propcast

James Hyman, head of residential of Cluttons discusses the London property market with Blackstock managing director Andrew Teacher. James Hyman, the head of residential at Cluttons, the property consultants and estate agent specialists, has said that despite political turmoil and economic jitters, the London property market is as challenging as it has ever been. During a PropCast on the London property market with Blackstock Consulting managing director Andrew Teacher, Hyman said that the current cycle is the “most unusual one” he has ever seen. The unusual nature of the current market is due to a “stand off”, where a large proportion of people don’t need to sell their properties which has underpinned the current property values. According to Hyman, if there was an abundance of supply in the London property market, it would turn into a “complete buyers market”. Hyman predicts that the London market is set to face a further drop from in values of between five to twelve percent before sentiment returns