1 in 5 homes taking a year to sell

Posted: 30 Dec 2008 11:38:21 GMT

New research has found that the housing markets in some areas of Britain are suffering so much that a fifth of all homes on the market have remained on sale from the start of 2008.

Property website Globrix has reported that one in five properties have remained on sale for the entire calendar year in some areas of the UK, and that the average figure for homes across the UK is five per cent.

The market has stagnated throughout the year largely as a result of the reluctance from mortgage lenders to lend cash to those hoping to take advantage of the property market.

Such reluctance to lend has stopped even those in regular work from entering the housing market, and has forced prices down.

"The gridlock in the market has been a result of the banks' reluctance to lend and an unwillingness by sellers to lower their asking prices to more realistic levels," said Globrix chief executive Daniel Lee.

"Property prices are now very tempting and I am sure many buyers, having delayed for so long, will be closer to making their move. The next few months could determine the shape of the next few years."

Those hoping to achieve the quickest sale may benefit from selling a property online, as more buyers may see it than in an estate agent's window.

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