I can't remember a gloomier run-up to the festive season. Ebenezer Scrooge himself was a bundle of joy compared to all the financial pundits.

The Chancellor of the Exchequer was a picture of misery as he gave his pre-budget statement, and the chairman of the Office for Budget Responsibility was no more cheerful. Even the BBC's Nick Robinson, normally a jolly sort of chap, looked serious and concerned.

The mood was just as downbeat out in the country, with a poll that purports to measure optimism in the property market finding that everyone thinks the value of their house has gone down in the last few months.

Except in London.

Here in central London, things are very different. Property prices remain stable and vendors who seriously want to sell are doing so very quickly if the price is realistic, but few property owners want to sell because central London property is one of those rare classes of wealth that is retaining its value in a world where inflation is creeping up and stock market yields are volatile.

As we move into spring, we expect the market to strengthen as buyers return, attracted by the underlying value of properties in the world's capital city. There's no pessimism here.

May I take this opportunity on behalf of everyone at Sandfords to wish you and yours a very Merry Christmas and a Happy New Year!