With figures showing the average time a property is on the market for is now 10 weeks and most are not selling. Selling property is still a difficult challenge in the latter part of 2012.
The lead up to Christmas is always challenging as October and November allow just enough time for a chain to complete before Christmas. Additionally the Olympics tended to put the market on hold as people settled in for a TV afternoon. But the demand is still missing in the England and Wales property market.
The fall in demand for homes comes as the government launches funding for a lending scheme to assist first-time buyers.
Experts talk of the legacy of summer, which saw a slowdown in demand driven by seasonal factors compounded by the Olympics, has continued into September.
Demand for property fell by 3.6% in September – decreasing across all regions.
Hometrack reported today that a weaker demand has also impacted the average time properties spend on the market before they are sold – an indicator of the health of the market. The average time on the market is now 9.9 weeks, up from 9.5 weeks in August.
So back to the question, should I sell my property this month? It’s getting increasingly difficult to move in the market as the days move closer to the end of 2012. I predict spring 2013 will have some serious movement in the market, so I think for now i will wait for a spring move.
2013 Should hopefully see a boom in the property market, fingers crossed. It won’t be a big boom, but maybe one big enough to help push these selling times down back to where they once were