Approaching Buy Nothing Day coincides with escalating house sales
In the heart of the holiday season, two significant events are set to take place: Buy Nothing Day on the 29th of November, and the ever-popular Black Friday. While Black Friday is all about shopping, Buy Nothing Day, established by Canadian artist Ted Dave in 1992, encourages individuals to detox from consumerism and consider the environmental impact of shopping [1].
However, it's important to note that the property market in the UK doesn't seem to be influenced by Buy Nothing Day. The property purchasing process is unpredictable, with homebuyers having no concrete idea when they will complete the transaction. This is due to factors such as mortgage rates, housing market inventory, and seller behavior, which are unrelated to Buy Nothing Day [2][3].
In fact, data shows that over the last half decade, an average of 2,470 property sales have been completed per day throughout the month of November, with a total of 10,916 sales on Buy Nothing Day specifically [5]. While a higher number of homebuyers make their biggest life purchase on Buy Nothing Day compared to the rest of November, the decision to do so is largely out of their hands [6].
Interestingly, Bentham and Reeves, a London-based lettings and estate agent, conducted research showing a 342% increase in property sales on Buy Nothing Day compared to the average daily completion total in November [7]. However, it's crucial to clarify that this does not mean Buy Nothing Day is a day for increased property sales. Instead, Buy Nothing Day is intentionally about reducing consumption and not buying [4].
Meanwhile, the UK has the highest rate of clothing purchases in Europe, with more than two tonnes of clothing being bought each minute, producing nearly 50 tonnes of carbon emissions [8]. This highlights the environmental impact of consumerism, which Buy Nothing Day aims to address.
On a different note, the London council has called to end "exploitative" rental bidding wars, and there are ongoing discussions about the triumphs and tribulations of biodiversity net gain [9].
In summary, Buy Nothing Day promotes consumption reduction, and any apparent increase in property sales on that day would contradict its purpose. The available information suggests no significant property sales increase happens specifically on Buy Nothing Day.
Despite Buy Nothing Day encouraging individuals to reconsider their purchasing habits and its potential impact on the environment, it seems to have no influence on the UK property market. On the contrary, the UK has a concerning trend of high clothing purchases, contributing significantly to climate-change emissions. Interestingly, this contrasts with the environmental-science principles that Buy Nothing Day aims to uphold in everyday lifestyle choices, such as home-and-garden modifications.
