It’s no secret that properties sell better at certain times of the year. What is more, sellers can expect to get a better price if they put their property on the market at the “right” time. This is because at certain times of the year, especially spring, there are traditionally more home buyers and more buyers mean more chances to sell as well as more chances to get a better price.
The latest research by Sellhousefast.uk found that it’s not just the time of the year that can make a big difference in the selling process. The day of the week has been shown to play an important role as well; more important than expected.
Almost Half of All Properties Are Transferred on Friday
Sellhousefast.uk was interested to see whether a specific day of the week was a factor in the selling process. They analysed the Land Registry’s data containing details of over 1 million (1,035,754) properties that were sold in the UK in 2016. Property types analysed included detached, semi-detached, terraced, flat/maisonette and other; and both new-build and not new-build homes (i.e. established residential buildings).
Sellhousefast’s results reveal a major disparity between different days of the week in the number of sold properties, with Friday standing out dramatically. At 458,344 transfers made, the number of properties changing hands on Friday is almost the same as the total number of transfers on other days of the week combined.
After Friday, properties were most often transferred on Thursday (193,369) and Wednesday (144,518), followed by Monday (126,124) and Tuesday (111,670). Unsurprisingly, the lowest number of transfers were registered on Sunday (852) and Saturday (877).
Why Property Sales Are Most Likely to be Completed on Friday?
With nearly half of all property sales completed on Friday, a question arises: Why is Friday so popular?
Robby Du Toit, MD from Sell House Fast explains:
“It actually makes sense if you think about it. Completing the sale on Friday gives both the seller and buyer an entire weekend to move home, allowing them to unpack at the very least the essentials without taking too much time off work. And since the majority of people prefer Fridays over other days of the week, there is also less of a chance for any disruptions to occur in a property chain. On the other hand, it can be difficult to find a removal company as there is obviously high demand for their services on Fridays”.
Fridays Good for Buyers, Not So Much for Sellers
Interestingly, despite Friday being the most popular day to sell for homebuyers, sellhousefast.uk analysis of the price paid data from the Land Registry showed that Friday may not be the best day to sell property if you’re looking to make a profit. At £285,277, the average price paid, Friday was found to be significantly below the average price paid on other days of the week. Likewise, it was below the yearly average of £311,547.
Sell House Fast found that at £363,063, properties sold on Sunday achieved the highest average price, followed by homes sold on Thursday (£337,920), Tuesday (£335,407) and Wednesday (£335,267). The lowest prices were observed on Friday, followed by Monday (£317,777) and Saturday (£333,613).
Reason for Price Disparity Between Friday and Other Days of the Week Not Clear
The difference between Friday and other days of the week when looking at the average price paid is unclear as to why this is the case. If properties achieve the best prices when the demand is the greatest, the price paid should be the highest rather than the lowest.
With an aim to find the reason for price disparity between Friday and other days of the week, the type of property and new build/not new-build was investigated as well. However, the graphs below show that both can be excluded as a potential factor because the differences between Friday and other days of the week correspond to the differences in the amount of completed property transfers.
The results of the analysis didn’t reveal any irregularities or deviations that would explain why properties were on average sold at lower prices on Friday than on any other day of the week. The observed price disparity also cannot be explained with the demand factor because as noted earlier, the latter has been found to drive the prices up rather than down. It is possible that the reason for the difference in the average price paid between Friday and other days of the week is related to the profile of home buyers/sellers who prefer the sale to be completed on Friday. But it is also possible that the observed price disparity is due to another factor in the property chain, e.g. estate agents, solicitors, mortgage lenders, etc.
The Same Trend Observed in 2017
Sellhousefast also analysed the Land Registry’s data for 2017 and observed the same trend as in 2016. Of total 552,921 properties that were sold by 31 August 2017, as many as 264,625 were sold on Friday, which is more than 52% of all property transfers. After Friday, properties were most often transferred on Thursday (82,819) and Wednesday (71,376), followed by Monday (68,375) and Tuesday (64,921). Again, the lowest number of transfers were registered on Saturday (444) and Sunday (361).
Just like in 2016, properties in 2017 were on average most expensive on Sunday (£630,109). And just like in 2016, Friday was the worst day in the week to complete the sale. At £319,466, the average price paid on Friday was nearly 49% lower than the average price paid on Sunday and 7.9% lower from the total average price paid (£347,026) by 31 August 2017. After Sunday, properties achieved the highest average price on Saturday (£483,637), followed by Tuesday (£394,355) and Monday (£370,439). After Friday, the average price paid was the lowest on Thursday (£365,767) and Wednesday (£359,684).