The property market may well be picking up – Rightmove saw an increase in the number of properties going onto the market for sale in December 2023 when compared to the previous year.
The number of homeowners who put their properties up for sale on Boxing Day increased by 26% compared to the previous year.
Increase in buyer demand
According to the property website Rightmove, over 10,000 properties went up for sale on 26 December, and the number of buyers contacting estate agents increased by 17% when compared to 2022. Rightmove also reported that visits to its website increased by 8% on Boxing Day 2023 compared to 2022.
Tim Bannister, a property expert from Rightmove, describes the ‘Boxing Day Bounce’ as a ‘positive sign’ of renewed housing market activity. Bannister says: ‘Whilst it is early days, it will be key to monitor activity as it ramps up through the end of the 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.’
Falling mortgage rates
Another industry spokesperson said that sellers are not put off by interest rates, and one estate agent said that recent news about falling mortgage rates will encourage many prospective sellers to put their properties on the market.
Halifax says we may see increased confidence in the market due to mortgage rates easing recently and recent house price growth. Inflation fell to 3.9% in November – the lowest it’s been for two years.
In early January, a number of lenders announced cuts to fixed-rate mortgage deals, with some rates below 4%.
While it’s too early to make bold predictions, it’s possible that things are looking up for buyers and sellers.