The latest Rightmove market snapshot suggests warns landlords and other owners that sales could take many months – if they happen at all.
The portal gives a series of sobering statistics:
It says newly-listed asking prices rose by 0.7% (+£2,441) this month to £367,440, the first monthly price increase since May.
And it expresses hope that this above-average price increase for the time of year is a possible early sign of the usual Autumn bounce in activity.
But it then tempers that by saying “there is considerable ground to make up after a somewhat subdued and distracted summer.”
What’s more, sellers face a very crowded market, with the number of homes available to purchase at a 12-year high.
And Rightmove warns: ”Autumn sellers need to price very temptingly to beat the average of 64 days to find a buyer.
“Once a buyer is secured, completion takes a further 150 days on average.
“New sellers who can’t beat the averages won’t be moving until after Easter next year.”
And then it comes to the startling fact the on average only 61% of homes that come to market find a buyer at all, although this percentage varies widely across Britain.
In Scotland, 91% of homes successfully find a buyer, but only 42% in London.
In North West England, where lower prices aid affordability, 71% of homes find a buyer, versus 56% in the South East.
This article is taken from Landlord Today