Market flat with cycle continuing

Continuation of uncertainty: in this scenario the current uncertainty prevails as the market tries to discern prospects for the future, and transaction volumes are limited.

Past parallels: in this scenario the future looks like a continuation of the present, with the national cycle continuing to rotate to favour affordability, while within London the most prime locations outperform.

This scenario projects the present into the future with a gentle factor rotation at the average speed observed last time. The returns in the far north are not as extreme as in 2003-2004 because this time there is not a rampant nationwide bull market in property, so the absolute returns are more tempered.