UK property for sale for longer
Reduced for quick sale no longer cuts the mustard in the UK property market as quick sales appear to be a thing of the past no matter how much the price is slashed.
According to recent research the average sale time of a property in England and Wales is now 102 days - this is said to be the lengthiest period for a decade.
Only the most determined of sellers are holding out for buyers at present - many vendors will cut the asking price at least once and when after many weeks void of appointments to view are withdrawing their property from market to await a more buoyant market.
Many agents accept that the Christmas slowdown has started early this year and hope business picks up in the New Year but unless banks and other lenders begin to loosen their pruse strings and increase mortgage lending the situation is unlikely to improve for some time to come.