It is 'not that unusual' for a property to remain on the market for at least six months in the current economic climate, according to an estate agent.
Brits should not be too worried if they have been unable to sell a property for more than six months, according to a London estate agent.
Research released this month by Globrix.com found that almost a third of flats and over a quarter of houses on the UK property market had been so for more than six months. But Ed Mead, director of sales at Douglas & Gordon, explained that there is "no stigma" attached to a property that has been unsellable, given the current state of the market.
The property sector in the UK has been hit by a number of factors. The credit crunch and resultant banking crisis has led to a drying up of mortgage availability, while property prices have plummeted, making some owners reluctant to sell. Additionally, potential buyers have been tempted to avoid making large purchases while uncertainty hovers over the economy's future.
"Because of the way the property selling system is set up, 90 percent of sellers will still choose their estate agent based on the lowest fee and the highest price so they are not necessarily always going to take the right advice," Mr Mead claimed. "Six months [on the market] is not that unusual at the moment."
