3 Jul

Homes set to stay on sale for longer periods

Homes set to stay on sale for longer periods

The amount of time that properties stay on sale is set to remain high due to a drop in the level of confidence in the housing market at the current time, according to one expert.

It was reported earlier this week by Hometrack that the demand for property in the UK during June had seen a drop by 0.5 per cent, the first decline anywhere in the market over the last five months.

And according to Selwyn Lim, director of Mouseprice, this is a trend which is likely to continue in the coming months.

Mr Lim said that on one hand, the eurozone crisis is having an impact, while he also went on to add that the summer months always bring a slowdown in demand for homes.

"Selling times in London are reasonably healthy, but outside of London there is this increase and that goes hand-in-hand with a stagnant market. In so far as the market remains stagnant going forward, then selling times will remain long," he said.ADNFCR-1222-ID-801399883-ADNFCR

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