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The number of properties remaining unsold after 90 days has risen significantly this year, a new report has claimed.
Property website Globrix stated that the proportion of houses that remain unsold after 90 days rose to 53 per cent in August from 25 per cent in January this year, the BBC reports
Daniel Lee from the site said most properties currently on the market are "simply gathering dust".
"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," he commented.
The National Association of Estate Agents (NAEA) recently called on the government to reform the home information packs (Hips) scheme, arguing that it is exacerbating the slowdown in the housing market.
Peter Bolton King, chief executive of the NAEA, said because houses are on the market for so long, searches carried out on properties are often out of date when they are eventually sold.
Consequently, consumers then have to pay to have another search conducted, he added.
