Sellers taking homes off the market still lose £1,200 on average

A new survey claims that 28 per cent of those who have put their home up for sale in past five years have taken it off the market without finding a buyer - but have still found themselves £1,200 out of pocket.

The study questioned over 1,800 British owners who had all put their properties up for sale at least once in the past five years.

Of the 28 per cent that withdrew their property, around two-thirds had done so in the past two years. 

From that 28 per cent, around a fifth said they could not sell in the current market - or changed their mind and chose not to sell given market conditions.

Around one in six said they withdrew from the market in order to improve their property instead, and a similar proportion blamed a change in financial circumstances meaning they could no longer afford to move. 

Some 14 per cent of the ‘withdraw’ owners said they had simply changed their minds, while 12 per cent blamed unexpectedly high fees for making them take their properties off the market.

Asked if they thought they would put their house back on the market, just 23 per cent said they thought they would in the next two years, with a further 26 per cent saying they would in the next five years.

On average the sellers who withdrew spent some £1,200 prior to their change of mind.

The study was conducted by furnishing company Thomas Sanderson.