Rightmove predicts surge of newly listed homes coming from Boxing Day

• Number of new homes put on the market on Boxing Day has nearly tripled 
• Last year saw a record number of new properties listed for sale on Boxing Day

The number of new homes put on the market on Boxing Day has nearly tripled since before the pandemic – and this year’s festive period is expected to see the trend continue.

Boxing Day is a popular day for listing properties, as home sellers look to make the most of the high number of house hunters going online.

Once the distraction of Christmas Day is gone, house hunters look to the New Year and the thought of being in a new home, making it a prime time for those looking to sell their home.

The number of new homes put on the market on Boxing Day has nearly tripled, says Rightmove

Rightmove said the number of new homes brought to the market on Boxing Day by estate agents last year was 173 per cent higher than 2019 and 46 per cent higher than 2021.

Rightmove explained that last year saw a record number of new properties listed for sale on Boxing Day.

Sellers increasingly work with agents to capture the wave of new buyer interest that typically arrives on Boxing Day and progresses into the new year, it said.

And it follows the lull in activity during the festive build up and Christmas Day itself.

Buyer demand, measured by the number of buyers sending enquiries to estate agents about homes for sale, was up 250 per cent from Christmas Day to Boxing Day last year.

Many future sellers also use the holiday period and start of the new year to consider a move.

Last year, the number of people contacting estate agents to value their home between Boxing Day and January 1 was the highest number recorded in a week since early September 2022, and 29 per cent higher than the same period in 2021.

Rightmove also pointed out that two of the 20 busiest days on record for future sellers contacting an estate agent to value their home were in January 2023, as would-be sellers envision their next Christmas in a new home.

Last year, the number of people contacting estate agents to value their home between Boxing Day and January 1 was the highest number recorded in a week

Rightmove declined to provide the raw figures of new homes to market, saying it only discusses percentage changes.

Tim Bannister, of Rightmove said: ‘We typically see a post-Christmas upturn in buyer activity, with early-bird buyers finishing off their turkey dinners and starting their search for a new home for the new year.

‘It’s a key reason why we’re seeing more new sellers come to market on Boxing Day, ready for their properties to be the first seen by prospective new buyers.

‘However, with activity typically increasing from Boxing Day into January, sellers planning to come to market later in January still have time to capitalise on the renewed buyer activity.

‘This year’s upturn will be eagerly anticipated by those who are keen to sell, who may have been holding off due to the disorderly mortgage market earlier this year.

‘Many will also be watching the scale of the upturn as an early sign of building momentum as we progress through the winter and into the important spring selling season and year ahead.’

Some homebuyers have been holding off buying amid changes in the mortgage market

Some homebuyers may have been holding off until now due to the changes in the mortgage market.

Fixed mortgage rates are continuing to fall back from their summer peak, with the cheapest rates now just below 4.5 per cent.

A succession of base rate hikes and disappointing inflation figures saw average two-year fixed mortgage rates reach a high of 6.86 per cent in the summer, according to Moneyfacts, while five-year fixed rates hit 6.37 per cent.

However, with the rate of inflation falling back and the Bank of England’s decision to hold base rate both earlier this month and in September, lenders have begun slashing rates.

As of 28 November, five-year fixed rate deals were at an average of 5.67 per cent, according to Moneyfacts. The average two-year fixed rate was 6.06 per cent.

North London estate agent Jeremy Leaf, said: ‘We’re not surprised listings are likely to triple on Boxing Day as we already have quite a few properties ready for marketing on the big day.

‘We have found recently a fair number of sellers remove their properties from the market during traditionally slow December as they don’t want their property to appear ‘stale’ when the new buyers log on just after Christmas.

‘The problem for agents is that a large proportion of those enquiries at that time are from ‘window shoppers’ with perhaps little else to do after the festivities.

‘On the other hand, many will be very serious after spending at least part of the holiday with family and friends, making decisions as to where they intend to live in 2024.

‘Certainly this year recent reductions in inflation and mortgage payments, as well as continuing strong employment, has given demand a new impetus.

‘As a result, we expect to be considerably busier in December/January than we have been for a while as we try to sort out the genuine from the not so genuine.’

Source: Read Full Article