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TODAY'S OTHER NEWS

Very superstitious! Friday 13th could cause market to stall

Due to the superstitious nature of today's date, the property market could falter, according to Search Acumen.

Research by the conveyancing firm shows that there is traditionally a double-digit drop in residential and commercial sales on Friday 13.

HM Land Registry data shows the average Friday sees 9,394 residential purchases and 835 commercial purchases completed by conveyancers and property lawyers.

However, whenever a Friday falls on the 13th day of the month - which happens at least once a year - activity drops significantly.

In the residential market, a Friday 13th typically sees 5,733 home purchases completed, a 39% drop compared to a usual Friday.

On the commercial side, a Friday on the 13th of the month sees completions drop by 27% on average.

"These figures seem to suggest the property market isn’t immune to superstition disrupting normal routines," says Andy Sommerville, director of Search Acumen.

"With the challenge of finalising paperwork on time and safely transferring life-changing sums of money, buyers with a superstitious nature might be forgiven for feeling that it’s tempting fate to schedule their completion on this notorious date."

Sommerville says that new technologies are helping to improve security and transparency within the property buying process.

"Wider adoption promises to deliver a better experience for all involved, so buyers won’t need to keep fearfully looking back over their shoulders, no matter the date," he says.

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