‘Boxing Day Bounce’ sees record number of sellers come to market

As the year comes to a close, many people put their moving plans on hold to get ready for Christmas. But by Boxing Day, we start to see a flurry of activity from home-movers. So if you’ve been looking for a home to buy, you’re likely to find you’ve got more to choose from by the 26th December.

Last year, we saw a record number of new homes listed for sale the day after Christmas, with many sellers planning ahead to get their homes ready to be brought to market in time to capture the new wave of buyer interest from Boxing Day and into the new year.

In 2022, the number of homes brought to the market by estate agents on Boxing Day nearly tripled (+173%), compared to 2019 when the pandemic began, and was 46% higher than 2021.

Our property expert Tim Bannister says: “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,” he adds.

Buyer interest triples from Christmas Day to Boxing Day

Buyer demand, measured by the number of home-buyers sending enquiries to estate agents about homes for sale, more than tripled (+250%) from Christmas Day to Boxing Day last year, with buyers no longer distracted by the festivities.

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 1st January was the highest number recorded in a week since early September 2022, and 29% higher than the same period in 2021.

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.

Tim says: “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.”

If you’re selling a home in 2024, pricing will be key

This year, we’ve seen lower-than-expected falls in asking prices, and good levels of demand from home-buyers for the right-priced homes. But if you’re thinking of selling your home in 2024, it’s going to be really important to price it competitively to give yourself the best chance to find a buyer more quickly.

Buyers are much more likely to see a choice of homes for sale in their area that suits their needs compared to the stock-starved pandemic years. So they’ll be in a stronger position to negotiate on price and take more time to choose the home that’s right for them.

Tim says: “New sellers will need to compete with their cut-price neighbours, and work with their estate agent to start with a competitive price, rather than starting too high and needing to reduce later. Our research shows that pricing right at the outset maximises the initial impact among local buyers and gives new sellers a much greater likelihood of a successful sale.”

If you’re thinking about moving in 2024, a good way to find out how much you could borrow is to use a mortgage calculator. And to get a personalised result by applying for a Mortgage in Principle which will take you one step closer to a mortgage offer.

You can also take a look at the different types of mortgages and how to choose a mortgage term that meets your needs, both now and in the future.

READ MORE: What’s the forecast for house prices in 2024?

The header image of this article is provided courtesy of Ashtons, St. Albans