A record number of sellers put homes up for sale on Rightmove on Boxing Day, the property website has reported.
Just over 10,000 new properties came to market on Boxing Day 2023, a record for any Boxing Day and the biggest number of new sellers in any single day of the year dating back to 2011, Rightmove said.
The number of buyers contacting estate agents about homes for sale also jumped – and was 17% higher than on Boxing Day in 2022.
The scale of this year’s Boxing Day bounce is an early positive sign at the start of the year that buyers and sellers are out there and taking action— Tim Bannister, Rightmove
Boxing Day traditionally signals home-mover activity starting to ramp up following the usual Christmas lull.
In recent months, there have been signs of some mortgage rates edging down, after they jumped amid a string of Bank of England base rate rises.
But many homeowners who are moving onto a new fixed deal are likely to be paying significantly higher rates than they have previously been used to.
Several housing market forecasts have pointed to house prices generally edging down this year, which could provide some opportunities for buyers.
Whilst it is early days, it will be key to monitor activity as it ramps up through the end of winter and into spring, particularly to track whether sellers are pricing attractively enough to agree a sale with a buyer quickly— Tim Bannister, Rightmove
Rightmove has previously predicted that new sellers’ asking prices will be 1% lower across Britain by the end of 2024.
Halifax expects house prices to fall between 2% and 4% in 2024, while Nationwide Building Society expects UK house prices to record a low single digit decline or remain broadly flat this year.
Rightmove’s property expert Tim Bannister said: “The scale of this year’s Boxing Day bounce is an early positive sign at the start of the year that buyers and sellers are out there and taking action, likely including some movers who had put their plans on hold last year.
“Whilst it is early days, it will be key to monitor activity as it ramps up through the end of winter and into spring, particularly to track whether sellers are pricing attractively enough to agree a sale with a buyer quickly, given buyers now have more choice to consider than last year and are still very price sensitive.”
