More properties are being taken off the market than are being sold for the first time in two years, new research from Reapit and Dataloft has revealed.
The findings illustrated that in the second quarter of 2018, 51 per cent of properties taken off the market were withdrawn from sale, compared with 49 per cent of houses which were sold, marking the first time that property withdrawals have climbed above property sales since May 2016. Nearly 40 per cent of the properties withdrawn from the market never received an offer.
The highest withdrawal ratio across the UK was seen in London, with nearly 60 per cent of properties being taken off the market due to being withdrawn from sale.
The statistics support the idea that the property market is becoming increasingly subdued, which many in the industry believe to be due to political volatility and a lack of new supply.
Commenting on the findings, Reapit chief executive Gary Barker said: “Our research shines the light on the difficulties challenging our estate agents during a perfect storm of lower stock, reduced demand, falling prices and high incidents of withdrawal.”
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