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New year, new home: According to Rightmove, the number of people who put their homes up for sale on Boxing Day increased by 46%
- Home listings on Boxing Day rose 46% according to real estate site Rightmove
- Requests for property appraisals rose 29% in the week after Christmas
- Buyers may have brought forward their plans because of the looming economic uncertainty
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The number of people who put their homes up for sale on Boxing Day is up 46 percent from the previous year, data from Rightmove shows.
There was also a flurry of activity from potential sellers requesting home valuations, the real estate website said.
The week after Christmas Day, starting December 26, was the busiest week for valuation requests since early September, with a 29 percent increase from the same time in 2021.
Rightmove data shows a surge in real estate activity in the week after Boxing Day
In addition, views of homes for sale on Rightmove increased by 20 percent between the week of Christmas and Boxing Day as potential buyers began to plan their next moves.
The activity could mark the end of the Christmas slump in real estate activity, which many believe started earlier than usual last year due to the uncertain economic conditions.
Rightmove real estate expert Tim Bannister said: ‘We’ve seen some promising activity and familiar patterns during the festive period this year, which are good signs for the year ahead.
While we expect a quieter market this year than we have had since the start of the pandemic, the record number of sellers who chose to come to market this Boxing Day indicates that there is a group of motivated sellers ready to move, who maybe held back and feel more confident now.
“After such hectic market conditions in recent years, this year’s quieter market will be better suited to down-to-earth movers who prefer to take their time to find the right home.
“The increase in views of properties for sale before and after Christmas is another good sign that the new choice available is getting a lot of attention from prospective buyers.
After a pause for the festivities, those looking to buy this year will be ready to get back to their plans and assess where they want to live and what they can afford.
“Those sellers who had a head start and already have their homes listed for sale will now benefit from the surge in viewings in the coming weeks as people get back into their usual routines.”
The increase in activity may be due to fears that house prices will fall in the coming year.
Property prices are expected to fall this year with forecasts of up to a 10% price drop
With a typical home costing around nine times the average UK annual salary, that’s not necessarily a bad thing – especially for those hoping to move up the property ladder.
But for homeowners who have seen their property values rise significantly during the pandemic housing boom, it will be a concern to see those gains potentially disappear, especially if they hope to move next year.
Currently, the major mortgage lenders are predicting a fall in house prices of up to 10 percent over the course of the year.
Brokers including Savills and Knight Frank are forecasting similar slumps of 10 percent and 5 percent respectively, but are still a long way from predicting a 2008-style collapse.
Tom Bill, head of UK residential research at Knight Frank, said: ‘Buyers and sellers hit the Christmas break button a few weeks early last year after the mini budget spread political uncertainty and sent mortgage rates soaring. The reactivation of plans on Boxing Day reflects how a sense of relative calm has returned to Westminster and money markets.
“Sellers will also be aware that downward pressure on prices will intensify as the year progresses, although we don’t expect a moment of a cliff.”