Over half of UK homes are still available after 90 days on sale, a study suggests.
The typical property put on the market in the UK waits for over 90 days before being sold, new analysis from Globrix shows.
According to the firm, the restrictions placed by lenders on mortgage credit recently, along with sharp falls in house prices, have caused the trend - with 53 percent of UK homes still on the market after 90 days on sale. By way of comparison, this figure stood at just 25 percent at the beginning of 2008.
Region by region, Globrix found that homes in Scotland and Northern Ireland sold the fastest - with just 34 and 35 percent respectively being left unsold following the 90-day period. However, this figure went up to 54 percent in England, and to 64 percent in Wales.
Daniel Lee at Globrix commented: "With consumer confidence and property transactions at an all-time low, and competitive mortgage finance harder to secure, we are going to see more and more properties languishing on the market as buyers wait to see what happens next. Scotland is somehow bucking the trend [but] the vast majority of properties up for sale are simply gathering dust."
Latest figures from the Bank of England show that around 71 percent fewer mortgages are being approved in the UK, when compared with 12 months ago.
