Your Move predicts World Cup sales surge
Agents are in store for a sales bonanza after the FIFA World Cup, according to new research from Your Move.
A number crunching exercise using HMRC property data by the LSL Property Services estate agency brand reveals that transactions rose by an average of 8% following previous World Cup competitions, compared to the first month of games.
For example, during the last World Cup, in 2006, property transactions rose by 10% from 160,000 per month in June to 176,000 in August.
Moreover, for six of the last seven World Cup competitions, the month following the tournament has seen an average increase in transactions of 7% year-on-year.
David Newnes, estate agency managing director of LSL, says: "When football fever grips the nation, many buyers are glued to their screens. But historically, a flurry of buyers hit the streets in the month after the tournament.
"That doesn't mean the housing market recovery is set to stall in the short-term during the competition. Consumer confidence has risen this year, and more buyers have been entering the market."
He adds: "We don't expect the World Cup to interrupt the recovery of housing sector but we can expect an upsurge once it's over."
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