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Property activity surge predicted after World Cup

vickyhartley
Written By:
Posted:
June 9, 2010
Updated:
June 9, 2010

Housing activity could rise by 8% following the World Cup, according to an analysis from estate agency Your Move.

The research drawn from Inland Revenue figures suggested transactions have risen following the competition against figures while the tournament is on.

For example, in the last World Cup, 2006, in the month after the tournament, property transactions rose by 10% from 160,000 per month in June to 176,000 in August, found Rightmove

Even in 1994 when England failed to qualify, the trend was still evident although transactions rose by a more subdued 5%.

Over six of the last seven World Cups, the month following the tournament has seen an average increase in activity of 7%, although the housing market showed no change after two tournaments in 1990 and 1998.

David Newnes, estate agency managing director of LSL,said: “In 1990, the tournament coincided with the cusp of an economic and housing downturn that was to last for two years. In relative terms, the World Cup bumped up activity and helped prevent an enormous short-term decline.”

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He added: “But we are now on the other side of a housing downturn, and expect the steady recovery to remain on track, with house purchase activity to climb after the World Cup. The housing market remained steady in 1998 after the World Cup. Perhaps the nation was still in shock after Beckham’s red-card and England crashing out to Argentina.”