The UK Residential Market Survey, a monthly report from RICS (The Royal Institution of Chartered Surveyors) has gloomy news for home sellers.
Time to Sell
The average home is now taking 18 weeks to sell, this compares to 16 weeks a year ago. For the sixteenth month in a row, the number of sales recorded has fallen.
Nationally prices are still increasing but there is a wide regional disparity, London, the South-East and East Anglia are all negative whereas the West Midlands is growing the most. There is a gap between sellers price expectations and the price needed to sell.
New vendor instructions are up everywhere bar the East Midlands and Wales. New enquires are flat overall, up everywhere except, London, the South East and the East Midlands.