There may be an upturn in housing activity up to as much as eight per cent following the world cup. Your Move have analysed the amount of property transactions completed throughout as well as after World Cups. According to analysis of the figures, transactions have increased by an average of 8% following the competition in comparison to its first month.
For instance, in the last World Cup, 2006, in the month following the tournament, property transactions rose by 10% from 160,000 per month in June to 176,000 in August.This is not a seasonal phenomenon. For six of the last seven World Cups, the month following the tournament has seen increased activity compared to the same month the year before, rising by an average of 7%.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. 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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