Properties take longer to sell as market 'stagnates'

Date: Monday 11 Jun 2012

The vast majority of homes now take over three months to sell, according to surveyors.

In 2007, before the financial crisis hit, almost half of homes were sold within this period, the Royal Institution of Chartered Surveyors (RICS) said.

Surveyors surveyed by RICS said that 77% of homes were still on their books after three months.

The 23% that were sold in this time compared to 41% that the surveyors managed to shift in 2007.

RICS laid the blame at the feet of banks that it said were reluctant to lend to potential home owners.

"Ongoing economic instability in the UK and overseas has continued to undermine consumer confidence, and the reluctance of many banks to offer affordable mortgage products has created something of a stagnant market," said RICS spokesman Peter Bolton-King.

"In spite of this, a gradual stability is returning to the market and surveyors expect transaction levels to increase over the coming months, even if prices continue to dip across most parts of the country."

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