That Friday Feeling
06 October 2017
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Once again we’ve been digging around in the Land Registry data and doing a bit of analysis. The figures quoted are national averages, of course, but we think it still make interesting reading!
This time, we took a look at the day of the week when properties complete. As you can see from the graphic, Friday is far and away the most popular day, accounting for nearly half (48%) of all completions so far in 2017 – more than Monday, Tuesday and Wednesday combined!
Why is this? Well, there are some very practical reasons why Fridays are so popular – the most obvious being that many people prefer to move house over the weekend, rather than taking time off during the working week. By the same token, it also suits many people to have completions scheduled for the last Friday of the month, so that their first mortgage repayment can coincide with their monthly salary cheque going in.
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Of course, you don’t HAVE to complete on a Friday. You can even stipulate which day of the week would sui you better. But at the end of the day, everyone else involved will have to agree.
What is rather more intriguing about this data is the variation by price band. For some reason, higher-value properties are less likely to complete on a Friday than those in the lower price brackets. Just a third of sales sold this year and priced at £2 million or more completed on a Friday, compared to over 50% of those priced under £250,000.
Now, why should that be? We’re at a bit of a loss – so can anyone out there suggest a good reason?