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Monday 01st of December 2008
September 5, 2008

For sale for three months and more


by Gill Montia
For sale for three months and more

Property search engine, Globrix, has reported that the majority of homes for sale in the UK have now been on the market for over 90 days.

The company’s research has revealed that the proportion of properties unsold after 90 days has risen from 25% at the beginning of the year, to 53% in August.

The trend is likely to continue as potential buyers remain in waiting for prices to bottom out and mortgage finance to free-up.

In Wales the market is stagnating at its worst, with 64% of homes for sale having spent three months or more on the market, up from 28% at the beginning of the year.

Scotland is once again bucking market trends with only 34% of homes for sale having appeared in estate agents’ windows for 90 days plus, compared to 19% in January.

This week the Government announced a number of initiatives aimed at kick-starting the market, including a suspension of stamp duty for properties costing £175,000 and below and proposals to help families in danger of repossession with an equity share scheme.

The Council of Mortgage Lenders welcomed the measures but repeated its call for more funding, which it says is needed to restore long-term stability to the housing and mortgage markets.

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