Research from London lettings and estate agent Benham and Reeves found that property sales completing on ‘Buy Nothing Day’ increased by an average of 342% compared to other days in November.
Buy Nothing Day, held every 25th November, encourages people to abstain from purchasing goods to highlight the impact of consumerism on the environment.
Analysis of property transaction data conducted by Benham and Reeves showed that, over the last five years, an average of 2,470 property sales completed per day during November.
However, on the 25th November, an average of 10,916 property sales were recorded, indicating a dramatic spike in transactions.
Marc von Grundherr, director of Benham and Reeves, said: “The property purchasing process is a long and unpredictable one and, as a result, homebuyers really have no concrete idea as to when they will reach the finish line.
“In some cases, they may be particularly unlucky and be subjected to the dreaded fall through, but otherwise it’s a case of sitting tight and waiting for each piece of the puzzle to fall into place.
“Interestingly, this has seen a far higher number of homebuyers make what’s likely to be their biggest life purchase on Buy Nothing Day versus the rest of the month of November – albeit the decision to do so was largely out of their hands.”
