25% of homes still not having buyers after six months

Posted under General by Alan

According to a recent research, nearly 25% of houses and 30% of flats up for sale are still on the market, not finding any buyers for more than six months. While 7% of houses and 10% of flats, are unsold for more than a year.

The research reveals that despite increasing interest being shown by the potential buyers in last few weeks, shortage of mortgages and decline in house prices kept sales static.

According to reports one-bedroom flats, normally popular with first-time buyers are hardest to sell, while three-bedroom homes are in more demand.

The market has become most stagnant in Aberystwyth in Wales, where 23% of flats and 26% of house are still unsold for last 12 months. Homes in Rochdale are also not finding buyers even after a year. Shrewsbury, Newport, Hartlepool, Torquay and Oldham are having 15 to 20% of homes waiting for sale for over a year.

According to Globrix chief executive, Daniel Lee, on the face of it figures of unsold homes paint pretty grim picture and provide no positive sign that market will recover soon. But in reality there is more optimism in the market. Estate agents are claiming that buyer interest is on the rise over last 2 months.

Lee adds that increased activity has not yet converted into tangible sales or reached the levels to clear market gridlock. He feels next couple of months will indicate the state of property market since early spring is traditionally very favourable period for property sales.

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