New data released by Rightmove has revealed that over a quarter of all properties that are currently listed for sale have been on the market for six months or more. Rightmove advertises the vast majority of all properties listed for sale across the UK, meaning that its data is generally considered a reliable indicator of consumer sentiment and property market activity. Therefore, its assertion that 28% of available homes have been on the market for more than half a year, with a further 8% having been listed for over a year will be seen by many as a key indicator of prices overheating in some areas.

Rightmove’s property expert Miles Shipside said: “If you’ve failed to find a buyer after several months of marketing, then it could be that overall demand in your area is low due to local market conditions. However, if some properties are selling and yours is not, then you either have a property with limited appeal or the price is too high. If you’re unlucky it could be both.”

Shipside added: “After six months or more on the market, your property will appear pretty stale and could be ignored by some prospective buyers. A price reduction will be required to make them take notice, or if you do a makeover then make sure new photos and an updated description show it off.”

Property taking longer to sell in 80% of UK markets
The Rightmove data followed on from a report at the end of April, which warned that Brexit might be causing some turbulence and that homes across the UK are taking two weeks longer to sell than they were a year ago, (162 vs 148 days) but the slowdown is noticeable by its absence in 19.6% of areas, according to the analysis by Home Purchase Plan provider Gatehouse Bank.