On market time triples in 18 months...

20 February 2009

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Written by Rosalind Renshaw

The typical marketing time for residential property has tripled since the onset of the credit crunch, according to property search engine Home.

Back in summer 2007, the typical property for sale spent just 50 days on estate agents’ books. Since then the typical marketing time for a property for sale has soared to a record 154 days in January 2009.

Doug Shephard at Home warned: “Time on market indicators will continue to rise unless more sellers cut their asking prices or mortgage lenders ask for smaller deposits – preferably both.”

Home produced its figures by surveying times on market for around 700,000 properties over the last 24 months.

Comments

- Jim
Be prepared for properties being on the market for 18 months at a time. As happened in Japan, New Zealand etc etc.
- 20 February 2009 11:05 AM
- Mr Brightmove
I know of a particular property in Norfolk which has just been sold after being on the market for only two weeks. It appears in many areas there is a steady release of pent up demand. A number of Estate Agent Sold boards are appearing in various locations. Could it be that Spring, the traditionally busy time in the market has arrived early this year? Even the birds have started to nest in my garden! As long as we do not have any repeats of The Northern Rock, we may be heading towards a more stable property market. In the end - everyone desires somewhere to live including the birds!
- 20 February 2009 10:28 AM