What does the statistics indicate about the property market?

Posted under General by Michael

If the figures are any indication, the property market is going through a difficult phase, and the lingering credit crisis has made it even tougher for people to sell their homes. According to one estimate, well over one million unsold properties are there on the market, and homeowners are taking the longest time on record to sell their homes.

There are reportedly 1.03 million properties (out of a total of 25 million) that are up for sale in Britain, indicating a 15 per cent increase on a year ago. The statistics well highlights how the credit crisis is severely affecting people looking to sell their homes.

It took an average of 71 days to sell a house a year ago, but the time span has climbed by two weeks; sellers now take up to 85 days to locate a buyer. That in fact, is the longest time recorded for this time of year.

Nationally, properties could well fall by at least around five per cent this year, market analysts believe. They point out that the drop might be comparatively smaller for London.