Love thy neighbour's price
The full impact of the property price register has yet to trickle down as people got to grips with the flood of information this week. Estate agents had been bracing themselves for fallout from clients who may be dismayed at the price they achieved in relation to their neighbours.
A clamour has not ensued, yet, though one new-homes agent did get a call from a buyer wondering why they had been told by that agent that a house up the road from the one they eventually bought had sold for a price higher than that reported on the register. It turns out that the new homes prices on the register are published exclusive of VAT.
Another agent told of a client demanding the asking price on their house be increased after they spotted the price achieved last year for a neighbouring house.
In this brave new world of openness and transparency, agents will have to bring all their expectations-management skills to bear as every buyer and seller now looks to the register as a negotiating tool.