Houses taking longer to sell
Posted on January 26th 2009
Properties are taking longer to sell in 2009 compared to 2002.
Housing prices fell in January 2009 and are set to plummet throughout 2009. The national housing survey have announced that houses are taking on average 12.3 weeks to sell with properties in the East Midlands taking the longest average time to sell at 15 weeks. On average in 2002 it took 5.6 weeks to sell a property. These figures are based on properties that actually sold and how long they took and there are more properties on the market that are still waiting to be sold. It is believed that some owners that have sold their properties have sold on at the lowest proportion.
House prices have dropped by 9.4 per cent in the year and will continue to fall through out the year. The housing market is at the mercy of the economy. There are not many buyers as they are all being cautious and some buyers are extending rental contracts to sit out the current uncertainty
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