Property withdrawals overtake sales for first time in two years
More properties are being taken off the market than are being sold for the first time in two years, a new report has found.
The findings show that in the second quarter of this year, 51 per cent of properties taken off the market were withdrawn from sale, compared with 49 of residences which were sold, making it the first time that more properties have been withdrawn from the market than sold since May 2016.
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Nearly four in ten of the properties being taken off the market never received an offer.
London’s withdrawal ratio was the UK’s highest, with nearly 60 per cent of properties taken off the market due to being withdrawn from sale.
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The research, carried out by Reapit and Dataloft, provides fresh evidence of an increasingly subdued property market, which many in the industry believe has been hit by political volatility and a lack of new supply.
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.”