The stages of the cycle The economist Fred Harrison was one of the first people to identify the existence of the property cycle. He traced it back for hundreds of years to conclude that the length of a full cycle averages out to 18 years, with each cycle divided into distinct stages. I’ll argue later that the “18 year” part is a bit of a distraction, but understanding the characteristics of each stage is the key to recognising where we are in the cycle and taking action accordingly.
The stages of the cycle
