So as we roll into the last couple of weeks of the year how is the market fairing out there is the key question on every ones lips. 2010 has been another tough year in the sales market mainly because of how unpredictable the market has remained for most of the year. We have had a serious of highs and lows throughout the year, moments of brilliance quickly followed by black clouds of silence. It’s been a tough year on sellers because of the amount of difference even a week can make. It seemed earlier on in the year that the pace had picked up and we were able to move stock relatively quickly; however the final quarter of the year has not been like that at all. Perfectly sellable property in fact stock that most agents would be delighted to have on their books has sat endlessly on the market without a viewing despite heavy marketing and price reductions. I think again a good amount of scaremongering in the press with the constant barrage of ‘double dip’ being bantered around like it was going out of fashion has not helped at all doing everything but gain the public’s confidence in what is already a very fragile market. On the rentals front property to rent has been scarce as fewer new landlords have joined the market mainly due to the severe lack of lending from the banks and certainly recovery is threatened by the stubborn refusal of major lenders to loosen their self-serving restrictions on mortgage lending. A historically low rate of interest has benefited those people who already have a mortgage, but realistically it is likely that over the next 12 months it will rise. That will place more pressure on existing borrowers but also remove mortgages from the reach of even those house buyers with large deposits. The danger is that a backlog of pent-up demand for property emerges. That means the market will suffer from lack of demand in the short term and potentially be distorted by a rush of demand when these people can finally get onto the ladder. NAEA (National Association for Estate Agents) chief executive Peter Bolton King predicted the rise of ‘postcode power’ as premium areas emerge from the slump at a faster rate than others. He added: “We do not believe that there will be a widespread fall in house prices over the next 12 months. There will be ups and downs, but I’m confident that we won’t see a plunge. “What we will see is the emergence of ‘postcode power’ – as demand for property in some areas fuels a healthy market while other, less desirable areas, are in danger of being left behind.” Certainly if there was ever a postcode with ‘power’ its canary wharf so let’s blow away the cobwebs of this distorted last year and welcome 2011 with thoughts of a healthy property market, it won’t be an easy year as recovery will remain slow I’m sure but positivity will go a long way in aiding this fragile situation.