UK recession could slow down house sales

Posted: 26 Jan 2009 08:46:20 GMT

The recent announcement that the UK is officially in a recession could have a negative impact on the average time it takes to sell a property.

Currently standing at an average of 12 weeks, the time it takes to sell a property is proving to be a severe headache for most homeowners who are already facing low sale prices.

But Kevin Mountford, head of banking at moneysupermarket.com, suggested that the recession would have a serious impact on all walks of life, meaning any difficulty currently experienced in selling a property is likely to be magnified in the coming months.

"Unlike the previous recession of 1991, this recession will have no boundaries," he said.

"It's not only going to hit the traditional areas of suffering - manufacturing and construction - but also retail and hospitality. It means that women, who are increasingly becoming major breadwinners, will be hit just as hard - if not harder."

One way of increasing the number of buyers, and therefore potential bidders, who see a property is to sell it online, which could not only promote a home in the local region but also to a wider national and international audience.



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