■ In central London we have seen the fall in sterling stimulate new international demand, particularly in the new build market. However, we believe overseas buyers will want to be sure that property is identifiably good value both in terms of the sterling price and their own currency given a less hospitable UK tax environment.

■ More generally, early indications are that a relatively high proportion of sellers have already adjusted their price expectations, while there remains a seam of demand for good quality, well-priced stock.

■ Given the underlying uncertainty, we would expect the market to be dominated by needs based buyers in the short term, although there will also be some opportunists looking for value.

■ Committed sellers will need to be both realistic and flexible in their price expectations, responding to changes in market sentiment.