The time taken to sell a home has hit a record high as owners refuse to cut their prices.
The average home sold in May had been on the market for 21.5 weeks – more than five months – according to the Royal Institution of Chartered Surveyors (Rics).
The number has climbed by 26pc in the last four years and is now at its highest since Rics began collecting the data in 2017.
Stan Shaw, a valuer at Mervyn Smith estate agents in Surrey, said the lengthening time it took to sell was driven by owners’ failure to accept that prices have fallen.
“There is an obvious standoff in the market where too many vendors are still hanging out for a price which is no longer achievable, and available stock is growing,” he said.
“Conversely, when new properties come on at an appropriate figure there are available willing buyers.”
