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WALES: One in four homes unsold during all of 2008.

ONE in four properties in certain parts of the country has been on the market for the whole of 2008 as the housing market stagnates, with parts of Wales badly hit.

Across the whole of the UK, 5% of homes that are for sale were first put on the market at the beginning of this year, according to property search engine Globrix.

But the situation is more acute in certain areas with Aberystwyth suffering from the stagnating property market. Some 23% of homes that are for sale there failing to find a buyer since the beginning of the year.

It comes as a report told how house prices fell by an average 8.7% in 2008 and have a further 12% to fall next year, according to property information firm Hometrack.

Properties in London, East Anglia and the south-east of England have been hit hardest this year.

Property sales are running at around half of the level seen during 2007 as falling house prices are putting people off getting on to the property ladder or trading up it.

At the same time, many people who still want to go ahead with a deal are unable to raise the mortgage finance they need because of the credit crunch.

Globrix said towns in the north of England had been particularly hard hit by the stagnating market, with properties in the North accounting for eight of the top 10 towns which have the highest proportion of properties that have failed to sell during the past year.

Among the towns suffering from homes on the market all year are Pontefract, West Yorks, where 18% of homes have been up for sale since January, while in Ripon and Wetherby 15% of homes have not sold in 2008.

Properties in cities have been less affected than ones in towns.
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Publication:Daily Post (Liverpool, England)
Geographic Code:4EUUK
Date:Dec 29, 2008
Words:303
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