This not only reflects the stage in the property cycle but also the medium term prospect for interest rate rises, regulation and tax policy in the residential sector and the outlook for commodity prices in the agricultural sector. In the commercial and residential markets we expect a shift towards investment in the markets beyond London, given where recent capital growth has left yields.

The referendum on Europe probably presents the greatest uncertainty for 2016/17, the outcome having potential implications for all three sectors. 2015 teaches us that the prospects for a pre-referendum investment slow down may well be dependent on how close the pollsters believe the outcome will be not to mention their ability to accurately predict the result.