Houses on market for 12.3 weeks

House on market for 12.3 weeks

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Monday, 26, Jan 2009 10:58

Houses are now spending an average of 12.3 weeks on the market before being sold - 45 per cent longer than a year ago.

In January, the time taken to sell a home rose again, according to Hometrack, suggesting continued house price falls over 2009.

Prices fell one per cent in January, representing the 16th month of consecutive falls. Over the 12 months to January 2009, average residential prices have fallen by 9.4 per cent, Hometrack added.

Richard Donnell, director of research at Hometrack, said: "While the re-pricing process in the housing market has been underway for the last year, the reality is that over 2009 the market is at the mercy of the economy.

"Purchasers remain few in number and cautious - some agents have reported potential buyers extending rental contracts for another six months to sit out the current uncertainty."

The lower prices are attracting bargain-hunters and this could help boost sales, Hometrack said.

However, the main issue for buyers in 2009 remains the economy.

"Any improvement in sales volumes is dependent upon the outlook for the economy, unemployment and the availability of mortgage finance - all of which are areas of great uncertainty," Mr Donnell added.

Across the country, the greatest price falls over the last 12 months have been in London, (10.7 per cent) with an average 16 viewings per sale. The East Midlands has the longest average time to sell at 15 weeks.