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Houses Struggling to Sell

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Houses Struggling to Sell

The website Rightmove has announced that UK home sellers have been struggling to sell and have lowered asking prices for the first time. This has largely been due to difficulties in taking out a mortgage.

“We expect further falls over the next few months as buyer momentum ebbs away due to a combination of seasonal factors and a continuing lack of both mortgage finance and buyer confidence,” Miles Shipside, commercial director of Rightmove, said in the statement.

They stated that 7 of 10 properties listed on the website in 2011 are still available to buy.

Mortgage approvals are running around fifty thousand a month, whereas back in 2006 the number was in excess of one hundred and twenty five thousand.

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