Online House Hunter: Banking on bank holidays | Alan Cleaver | Independent Property Blogs
OH joy! Another bank holiday is just around the corner. They may be good news for over-worked parents but they are a mixed blessing for the property market.
The Easter/bank holidays/royal weddings in April and start of May are being blamed for a surprising dip in house sales last month and there are hopes that May will therefore see a jump in transactions.
Many estate agents stay open over bank holiday weekends and the number of viewings can increase but actually getting down to buying a house (or indeed people putting their house on the market) can decline as people put off D-Day until the bank holidays are over. Strangely, this can therefore equate to a slight rise in house prices as housing stock shrinks.
The latest LSL property services/acadametrics House Price Index discusses this in depth, starting with the headline: “Double bank holiday weekend pushes property transactions down 6% to their second lowest April level since 1995.”
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