Homes for sale spiked on Boxing Day, Rightmove says

The number of people putting their homes up for sale on Boxing Day soared by 46 per cent compared to the year before, data from Rightmove has revealed.

There was also a surge in activity from prospective sellers requesting home valuations, the property website said. 

The week after Christmas Day, from 26 December onwards, was the busiest week for valuation requests since early September, it said, as they were up 29 per cent compared to the same time in 2021.

Furthermore, the number of views of homes for sale on Rightmove jumped by 20 per cent between the week of Christmas and Boxing Day week, as prospective buyers started to plan their next moves.

The activity may signal the end of the Christmas slump in property activity which many reported starting earlier last year than usual, owing to the uncertain economic conditions.

Rightmove’s property expert Tim Bannister said: ‘We’ve seen some promising activity and familiar patterns over the festive period this year, which are good signs for the year ahead.

‘While we expect a calmer market this year than we’ve had since the pandemic started, the record number of sellers who chose to come to market this Boxing Day indicates there is a group of motivated sellers ready to move, who perhaps held back and now feel more confident. 

‘After such frenetic market conditions over the last few years, this year’s calmer market will better suit measured movers who prefer to take their time to find the right property.

‘The jump in number of views of properties for sale pre and post-Christmas is another good sign that the new choice available is getting a lot of attention from future buyers. 

‘After a pause for the festivities, those wanting to buy this year will be ready to get back to their plans and assess where they’d like to live and what they can afford.

‘Those sellers who got a head start and have their home already up for sale will now be benefitting from the jump in viewings over the next few weeks, as people settle back into their usual routines.’

The increase in activity may be due to the fear that house prices will fall over the coming year.

Property prices are expected to dip this year with forecasts of up to a 10% price drop

With the typical home costing roughly nine times the average UK annual salary, that may not necessarily be a bad thing – especially for those hoping to get on the property ladder.

But for homeowners who saw the value of their properties grow substantially during the pandemic housing boom, seeing those gains potentially fall away will be a concern, particularly if they hope to move in the next year.

Currently the major mortgage lenders are predicting a fall in house prices of up to 10 per cent over the year.

Estate agencies including Savills and Knight Frank are predicting similar slumps of 10 per cent and 5 per cent respectively, but stopping well short of forecasting a 2008-style meltdown.

Tom Bill, head of UK residential research at Knight Frank, said: ‘Buyers and sellers pressed the Christmas pause button several weeks early last year after the mini-Budget spread political uncertainty and caused mortgage rates to spike. The re-activation 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 downwards pressure on prices will intensify as the year progresses although we don’t expect a cliff-edge moment.’