...In Rochdale, Lancashire, as many as 26 per cent of properties for sale have languished on the market since the beginning of 2008. A string of other northern towns have been hit by problems as difficulties finding mortgages have prevented buyers completing deals and over-optimistic sellers have failed to react to tumbling house prices....By contrast, only 5 per cent of properties were on the market for a year in London and 6 per cent in Birmingham, although that figure rose to 13 per cent in Manchester, where there has been a boom in speculative development.Daniel Lee, chief executive of Globrix, said the figures reflected a "terrible year for the property market". He said: "The gridlock in the market has been a result of the banks' reluctance to lend and an unwillingness by sellers to lower their asking prices to more realistic levels."
...In Rochdale, Lancashire, as many as 26 per cent of properties for sale have languished on the market since the beginning of 2008. A string of other northern towns have been hit by problems as difficulties finding mortgages have prevented buyers completing deals and over-optimistic sellers have failed to react to tumbling house prices.
...By contrast, only 5 per cent of properties were on the market for a year in London and 6 per cent in Birmingham, although that figure rose to 13 per cent in Manchester, where there has been a boom in speculative development.
Daniel Lee, chief executive of Globrix, said the figures reflected a "terrible year for the property market". He said: "The gridlock in the market has been a result of the banks' reluctance to lend and an unwillingness by sellers to lower their asking prices to more realistic levels."
Appropriate?
