One in four houses fail to sell

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.

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.

But the situation is more acute in certain areas, with 26% of properties for sale in Rochdale having failed to sell since the beginning of the year.

In the past few months in Rochdale, Hill Duckworth, The Halifax and Michael Stewart Estates have shut up shop and there are, as yet unconfirmed, rumours that one of Rochdale's leading agents will shortly close their Rochdale office.

There have, perhaps surprisingly, been two new estate agents offices open in Rochdale recently, one of the regions biggest agents, Ryder and Dutton, opened on Yorkshire Street and more recently, Blue Monkey opened its doors on Cheetham Street.

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.

Around 14% of properties that are for sale have also been on the market since the beginning of the year in Oldham.

Properties in cities have generally been less affected than ones in towns, but Manchester bucks this trend, with 13% of homes that are on the market having been put up for sale in January.