World Cup fever slows house sales
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The World Cup and Wimbledon are to blame for house sales falling by 5.3% in June, according to Agency Express.
In their Property Activity Index the estate agent found sales were down 7% on June 2009.
Stephen Watson, managing director of Agency Express, says: “ The heightened interest in the World Cup and the number of games shown live seems to have drawn people’s attention away from closing the deal on their prospective properties.
“Now that England have crashed out of the tournament after a number of lacklustre displays we can expect home buyers to return to the housing market with real conviction to get their new property sorted.”
Watson adds that he expects a surge in sales in July before the holiday season kicks in.
The West Midlands saw a dramatic slump of 26.4% of houses sold in June, with the South West experiencing an 11% fall, Wales down 10.6% and London 7.7%.
Birmingham is the hardest hit city with a 34.7% drop.
But ‘For Sale’ signs are on the rise in the West Midland, London and the North East, which saw a jump of 22.3%.
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Readers' comments (10)
Anonymous | 30 Jun 2010 3:05 pm
Are you insane ?
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Anonymous | 30 Jun 2010 3:20 pm
That is the funniest headline I have read....the whole house of cards is levelling and will continue to do so for at least 2-3 years until prices are on a par with income. wake up and smell the coffee!!
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Josh | 30 Jun 2010 3:33 pm
Dont worry fever is over,(For us atleast).
No excuses, back to house sales please
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Pete Hughes | 30 Jun 2010 3:49 pm
Hilarious. As if football is going to make thousands of people postpone such an important decision.
Activity has collapsed because people have just started to realize the country is in deep trouble. Will I have a job next year…when will rates rise and how high…will I be able to remortgage?
Fear and house prices at 7x incomes don’t mix.
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Karl | 30 Jun 2010 3:49 pm
Definitely the World Cup will have put people off purchasing, just as it did in 2006 and 2002... Hang on, no it didn't.
And maybe Wimbledon put people off buying in June? Just as it has done every June... er...
And the snow back in February. And the unseasonably dry weather last month. And the Cumbria shootings must have put a dampener on house-buying habits.
Funny how these effects don't happen in a boom, but do happen when we are on the cusp of a crash...
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Anonymous | 30 Jun 2010 4:32 pm
they must really really like football in the West Midlands (drop of 26.4%)
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Anonymous | 30 Jun 2010 5:25 pm
isane, desperate, loon its all much the same.. absoutely madness reporting
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Anonymous | 30 Jun 2010 5:55 pm
Prices are coming down to more sensible/sustainable levels - no stopping it now. This 'lack of activity' is nothing to do with the footy. More to do with a lack of cash rich buyers and less confidence in jobs, income etc... compounded by some increase in supply....(not sure if forced sellers)
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Anonymous | 30 Jun 2010 6:27 pm
Hilarious!
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Anonymous | 1 Jul 2010 2:37 am
Desparate calls from the greedy property speculators, homerownerist regimes - anything but the fundamentals to explain why prices are going down. Perhaps the mind is not ready to accept a loss on speculation or go into negative equity (the price of overpaying out of greed).
EAs need to ask people to bring asking prices down, sellers need to price their products according to what the market is willing to and and can afford to pay.
but that's difficult if you bought in 2007 with 125% Northern Rock mortgage which you can't finance anymore because you've lost your job - tough luck - should have realised your stupidity but your greed took command of you!
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