Data has been collected from EstateAgent4Me has shown the housing market in the UK slow down. It is thought that the increased squeeze on incomes and the climate of uncertainty that will continue to shroud the country during the Brexit process and as a result of the snap election have all played their part in having an impact on the UK housing market.
The figures have shown that more and more agents are finding it difficult to secure a properties’ asking prices. For homeseller, they are having to wait longer for a sale to be agreed, if the property can be sold at all.
Analysis of the data has been carried out by the HomeOwners Alliance. EstateAgent4Me is an online tool that has been created by the HomeOwners Alliance and lets home sellers and buyers to check the vital statistics of estate agents in their area. The Alliance found that in May 55% of all of the properties that were listed resulted in a successful sale. Last year this figure stood at 59%. The other 45% of the houses were either taken off the market, or have been left on the market without a sale being completed.
The analysis that has been carried out by the HomeOwners Alliance has shown that homes that are selling are taking longer to do so, up five days in comparison to the same time last year, at 60 days before a sale is agreed. Properties that are selling are also going for a lower amount that last year, with property in Britain in 2016 being sold at 96.4% of their asking price as opposed to 95.8% this year.
Regionally, the figures are shown to be even worse in London, with properties staying on the market for 72 days as opposed to 56.6 days of last year. In London, only 37.3% of listings result in a sale, a low enough figure as it is, but worse is that this figure is a drop from 48.3% in May last year.