So what does 2015 have in store for our buyers and sellers?
The recent reform of stamp duty in the Autumn statement and imminent general election will undoubtedly cause uncertainty. The changes to SDLT is great news for first time buyers and should free up the middle market which was often held back by the previous 250k & 500k barriers and thresholds.
However, the top end of the market is likely to be hit hard as buyers will be unwilling to pay the additional tax on their purchase. It would appear that as a result the introduction of a mansion tax is now unlikely, as the market would not withstand additional taxes on top of the higher bands, which we must consider a positive.
The top end of the property market, particularly London and the ripple effect this has on our country market, has been a key factor to our economic recovery, so its important the government doesn't undermine it, subsequently affecting the London economy and employment.
Despite the uncertainty and pre-election slowdown currently experienced, the general outlook is positive with Reuters predicting a rise of 6pc for 2015 and 4pc in 2016. It will all very much depend on interest rate rises and how quickly the Bank of Engand makes these increases.
Recent reports that interest rates are unlikely to rise until Autumn 2015 is welcome news for homeowners and will certainly help to keep the housing market moving in the right direction.