Homes languish on the market for a year

| December 30, 2008 | 0 Comments
Homes languish on the market for a year

The extent of the stagnation in the UK property market has been revealed by research from Globrix.

The property search engine found that across the UK, 5% of homes for sale first appeared on the market at the beginning of this year.

In certain areas, one in four properties for sale have remained on the market throughout the whole of 2008.

Towns in the North of England account for eight of the 10 locations with the highest proportion of properties languishing on the market.

In Rochdale, 26% of vendors have had their properties for sale for a year; in Pontefract 18% and in Ripon and Wetherby 15%.

Meanwhile, in Aberystwyth 23% of home sellers have failed to find a buyer in the past year.

Generally home sellers in cities have fared better, with 5% of homes in London unsold after a year, and 6% in Birmingham.

Manchester is ahead with 13% up for sale since January but Globrix attributes this to an oversupply of the type of new build city centre development associated with the problems in the buy-to-let market.

In November estate agents in England and Wales sold an average 10.6 houses per branch, the lowest average since the Royal Institution of Chartered Surveyors began collecting data, in 1978.

Little change is expected in the months ahead as property prices continued to decline in December and a shortage of mortgage funding remains the central and unsolved issue in the revival of the UK property market.

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