On average across the country, 5% of homes for sale have remained unsold since the beginning of the year, according to figures gathered by property search website Globrix.
It found that the situation is worse in the north of England than any other part of the country. In Rochdale, Lancashire, 26% of homes for sale have remained on the market for the whole of 2008, although this is from a relatively small stock. Currently 204 homes have been on the market in the town throughout 2008.
Next were Aberystwyth with 23% and Swanage in Dorset with 20%. Manchester is the worse city with 13%, that is 1,098 homes on the market for the entire year. Globrix suggested that this was the result of an 'over-supply' of newly-built apartment blocks in the city.
'It has been a terrible year for the property market. These end of year figures really do bring into sharp focus just how stagnant the property market has been in 2008,' said Globrix chief executive Daniel Lee.
'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. If rates are cut further and mortgage products become more competitive, and there are signs that this is happening, then who knows?' he added.
The first few months will be critical in establishing what is going to happen in 2009, he believes. 'Property prices are now very tempting and I am sure many buyers, having delayed for so long, will be closer to making their move. The next few months could determine the shape of the next few years.'
