Homes taking longer to sell, landlords warned

News Category: Industry News

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Landlords and other property owners have been warned that the housing market is "much slower" than it has been in the past.

According to Michael O'Flynn, content editor at FindaProperty.com, there is a higher level of interest in purchasing property, but this has not resulted in a "significant rise in sales".

Last month, the Association of Residential Letting Agents revealed that landlords are generally looking to hold on to their lettings properties, but there are some who are considering sales in the next 12 months.

"The average figure for time on the market is up 45 per cent year-on-year so ... sellers need to be aware that the market is much slower," Mr O'Flynn explained.

However, he added that "competitively priced properties" can be sold relatively quickly.

Rightmove's House Price Index from January 2009 indicated that the average asking price for a property in the UK stood at £213,570 - a 1.9 per cent reduction when compared to December 2008 and 7.3 per cent lower year-on-year.

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