Leading property agent Portico recently carried out a fun quiz to find out what Londoners actually know about the property market. Here’s what it found…
The question with the most incorrect answers was: “How many days, on average, does it take for a London property to go under offer?”
67% of respondents thought the average time it takes for a London property to go under offer was 32 days or fewer when, in actual fact, due to subdued market conditions, the correct answer is almost double that, at 60 days – only 27% guessed correctly.
And, despite the fact that the Bank of England recently voted to keep interest rates unchanged, there was a lot of confusion surrounding the base rate. Interestingly, 25% of respondents weren’t able to correctly recall the UK’s current base rate of 0.25%.
Portico also asked the question: “How many active London rentals are currently on Airbnb?”
An overwhelming 66% of respondents were unaware of the sheer number of Londoners utilising the short-term let site (62,286), instead opting for much lower figures.
However, the quiz did highlight that Londoners know their house prices, with 80% able to identify which property out of four options was currently on the market for £300,000 or less.
Londoners are also clearly clued up on buying property, with 52% able to answer how much Stamp Duty would be due on a £500,000 additional property, while 77% were aware of the minimum deposit needed for a London Help to Buy equity loan (5%).
The Marketing Director of Portico, Fiona Patterson, comments: “With so many recent tax and legislation changes, as well as new Government schemes, the Portico property quiz was a great way of testing and providing Londoners with key information on buying and selling property in the capital.”
536 adults, with an average score of 49%, completed the quiz. All of those that entered received their score and the correct answers once they completed.
The winner, Margaret Bannon, was announced on Monday 4th September, drawn at random from those who achieved 80% or higher in the quiz. She won the chance to sell her property for free and a £100 John Lewis voucher – well done!