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UK homes are on the property market an extra month

The average property takes a month longer to sell than it would have done four years ago, figures show, as homeowners are attempting to exploit huge price increases.

UK homes are now on the market for an average of 91 days, up 33 days from 58 days in 2012 according to a report from The Post Office.

The longer time periods spent on the market before an offer is made have arisen despite the demand appearing to soar to an all time high. 

The average price of a home in the UK has risen by 8.7pc over the last year alone surpassing £200,000 for the first time.

Experts put the phenomenon down to "greedy" sellers demanding unrealistic prices for homes. Unlike in the past where many have been eager for a quick sale, higher financial rewards mean they are now prepared to let properties sit on the market for longer, until someone is willing to stump up the cash. 

Andrew Montlake, director at Coreco, a property firm, said "Many homes are overpriced meaning there is a disconnect between asking prices and actual sold prices. 

 

Source of article taken from http://www.telegraph.co.uk/news/2016/10/26/uk-homes-are-on-the-property-market-an-extra-month-due-to-greedy/ on 27/10/2016