The housing market needs some good, solid numbers regarding just about anything right now; and it did not get those figures from home sales for the last year.  Figures reported from the Land Registry and Register of Scotland data, along with opinion polls of 2000 random adults, tell us the unfortunate news.  More than 1.1 million homes placed on the market did not reach their final destination - being sold.  The main reason for this was unrealistic pricing.

On the flip side, more than 720,000 houses were sold.  The home sales occurring at the same time 755,000 possible buyers were unable to complete the purchase process, with 10 per cent of those not being able to provide an acceptable deposit.

Phil Cliff, director of mortgages with Santander, commented on buying conditions, saying: “Our research shows that it is not just sellers who are having a hard time, as many buyers say they are unable to secure a good mortgage deal, often because they find it is difficult to save a sufficient deposit.  Our advice to buyers is to use the time to keep adding to their deposit and focus on finding a competitive mortgage.”

Additionally, twelve per cent of those not selling their home said they did not get a high enough offer.  More than fifteen per cent of potential buyers could not find a home in an acceptable area.

Cliff elaborated on the housing market conditions, saying: “There is no denying that the housing market has slowed down in the last few years - but it is not all bad.  Recently we have seen record low interest rates and as a result a significant drop in annual mortgage costs.”