Having sailed through choppy waters earlier in the year London’s property market seems to be heading into much calmer seas.
The latest research by the Royal Institution of Chartered Surveyors found that while the headline price trend asked was still negative, the reading was the least negative for several months.
In January 42% more respondents were reporting price falls, dropping to 27% in February and now 13% in March.
In addition, 10% more surveyors were expecting price rises over the next three months with an annual growth of 2.6% predicted based on last month’s data.
Rics chief economist Simon Rubinsohn said: “Across the UK, the boost that was given to the housing market by the Help to Buy scheme has begun to dissipate and activity levels have slipped back.
"Even more worrying are the tentative signs that price momentum could be set to pick-up once again as the supply of stock to the market continues to fall.
“Anecdotal evidence suggests election uncertainty may be having some impact on the market, but underlying the trends visible in the latest survey is a very real housing crisis that will urgently need to be addressed by the next Government.
“It is significant that price expectations nationally are accelerating both at the three and 12-month horizons and at the latter they are at their highest level since the spring of last year.”
Nationally the picture was even more rosy for homeowners as 21% more surveyors reported a rise in house prices in March, up from 15% in February.
The results for both were down on 2014 figures, however.