The very unpredictable times in which we’ve been living post-2008 are becoming normalised and in 2012, it’s all about London - and I don’t mean the Olympics.
I am talking about the property pattern of London, in which there is a distinction between ‘the best in class’ and ‘the rest’ and this pattern is also being keenly reflected in our area.
It’s a trend which we expect will consolidate in 2012, both in London and locally.
Indeed, the price differential in and around the Stamford, Bourne and Peterborough areas, drifts towards a triumvirate of ‘the best of the best’, ‘the best’ and then ‘the rest’.
There’s also a differential in these geographical areas between those estate agents who overvalue just to secure an initial instruction and those who don’t.
It’s a particularly acute problem in the premium slice of the market where percentage points by which properties are overvalued in the first instance, can mean an eventual drop of hundreds of thousands of pounds when the house remains unsold for months because of unrealistic advice by the instructed agent.
In 2012, it’s likely that the canniest vendors will cotton-on to this practice, especially as to secure a sale this year, the sage advice to vendors and purchasers alike it so set realistic expectations and be flexible.