25% of Houses Remain Unsold after 6 Months

Estimates suggest that 1/3 of flats and 26% of houses have remained unsold on the market for the past six months,

while 10% of flats and 7% of houses stayed on the market for more than a year.
Despite the increased interest of potential buyers, which was marked in the past few weeks, falling house prices and low levels of mortgage approvals meant that sales stayed static.
Figures suggest that 1 bed-room flats that are traditionally purchased by first-time buyers who struggle to receive a mortgage are hardest to sell, while 3 bed-room family flats are most in demand at the moment.
In terms of location, Aberystwyth in Wales has seen the worst of market stagnation with 26% of houses and 23% of flats being unsold after 12 months on the market.
Although on the surface the figures look pretty grim and do not leave any hope for market recovery any time soon, there is much more optimism on the ground.
Estate agents are reporting an increased interest among potential buyers in the last couple of months as well as an increased motivation among sellers who are cutting prices to attract buyers.
In the next couple of months experts expect to see the strong indicator of the state of the property market as spring is traditionally the time for increased property sales.