Number of Unsold Properties with Estate Agents Hits Record High
House prices fell by 1.6% in July, as the number of unsold houses listed with estate agents hits a record high.7 out of 10 homes put on the market this year remain unsold. The average number of properties registered with estate agents has risen to 78, a record for July.
Buyers are struggling to sell their homes for a number of reasons, including the lack of mortgage finance, with approvals running at 50% the levels prior to the financial crisis. Buyers are also staying away because of economic uncertainty, and the expectations that prices will fall further.
Asking prices for houses are now 14% lower than they would be if they had kept up with RPI over the past 4 years.
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