The Boxing Day Bounce: A Record-Breaking Surge in UK Property Listings
Boxing Day 2023 marked a surprising twist in the UK's property market. Over 10,000 homes were listed, setting a record. This blog explores the surge in listings and its impact on buyers and sellers, revealing a dynamic shift in the real estate landscape as the new year unfolds.
As we ushered in the new year, a remarkable trend emerged in the UK's property market, particularly evident in the bustling activity observed on Boxing Day. This day, traditionally known for its post-Christmas sales, saw a record-breaking number of homeowners listing their properties for sale. Surpassing any single-day listings since 2011, over 10,000 new properties were put on the market, signalling a significant shift in the housing landscape.
This surge can be attributed to sellers' strategic planning. Many aimed to capitalise on the increasing buyer interest during this period, preparing their homes for listing right after the festive season. This influx of new properties presents an opportunity for prospective buyers, offering a wider range of choices than seen in recent times.
The enthusiasm wasn't limited to sellers. Rightmove's website traffic nearly doubled between Christmas Day and Boxing Day, with a 273% increase in enquiries to estate agents about homes for sale. This spike in interest wasn't just a flash in the pan; it marked a 17% increase in buyer enquiries compared to the same period last year.
Our property expert, Tim Bannister, interprets this "Boxing Day bounce" as a positive sign of an active market, with both buyers and sellers showing readiness to engage. This is particularly noteworthy given the context of last year's market dynamics, where many had postponed their moving plans.
While mortgage and interest rates remain high by historical standards, there's a silver lining. Mortgage rates have started to edge down. Matt Smith, our mortgage expert, notes that if current trends continue, lenders might reduce rates further in the coming weeks. This potential decrease could further energize the market, attracting more buyers.
Currently, the average mortgage rate for a five-year fixed-rate mortgage stands at 5.02%, slightly down from last week's 5.03%. The rate for a two-year fixed-rate mortgage is at 5.43%, a marginal decrease from 5.44%. This downtrend in rates, combined with the vibrant home-mover activity, offers a promising outlook for the property market.
Last month's statistics showed the average asking price for homes in Great Britain dropping by 1.9% to £355,177. Looking ahead, we predict a 1% decrease in average new seller asking prices by the end of 2024. This forecast suggests increased competition among sellers to attract buyers.
For those considering selling their home in 2024, pricing strategy will be crucial. Despite the lower-than-expected falls in asking prices last year, the right pricing will be vital to attract buyers quickly, especially given the wider range of choices available to them.
In conclusion, the UK's property market is showing signs of robust activity as we step into 2024. With strategic pricing and the potential for more competitive mortgage rates, this year could present unique opportunities for both sellers and buyers. Stay informed and prepared to navigate this dynamic market.
For further insights and the latest updates in the property market, explore our other articles on current UK mortgage rates, the Energy Price Cap's impact on bills, and the most-viewed homes of 2023. Visit Rightmove for comprehensive resources and guides tailored for buyers, sellers, renters, and landlords.