Greedy sellers keep property on the market for an extra month, especially in London

Greedy sellers keep property on the market for an extra month, especially in London

It now takes one month longer to sell the average property in the UK than it did four years ago, as homeowners are trying to exploit the huge price increase.

The average UK home is now up for sale for 91 days , an increase from by 33 days from 58 days in 2012, data from The Post Office revealed.

These longer periods have arisen despite a seemingly never ending lack in supply of appropriate accommodation.

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Experts are now putting that phenomenon down to sellers being greedy and trying to get more out of their property sale. Whilst in the past many sellers were eager to get it over and done with, with the now higher financial rewards, they are now willing to wait until they get the price they want.

Andrew Montlake, director at Coreco, a property firm, said

Many homes are overpriced meaning there is a disconnect between asking prices and actual sold prices.”

“People have been getting greedy over house prices and they tend to think their own homes are the best. Estate agents are finding it quite hard to get asking prices as they are usually priced at the top end of expectations and have to be dropped by at least 10pc in a lot of cases.”

The most dramatic rise in days until sale has happened in London where the selling period now takes 89 days, a significant increase from 89 days in 2012.

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John Willcock, Head of Mortgages at Post Office Money, said:“Despite these rising prices, our report indicates that the housing market has slowed recently, with falls in both demand and supply.

“In part, this reflects the introduction of a stamp duty surcharge on second homes at the beginning of April. In the final months of 2016 and in to the New Year we can expect this slowdown to intensify, with economic uncertainty adding to the current pressures faced across the market.”

“As a result, some local property markets could be impacted significantly as weaker demand coincides with more properties coming onto the market.”

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