Rightmove saw RECORD number of new property listings on Boxing Day

A record number of sellers put their property up for sale this Boxing Day, according to Rightmove.

Britain’s biggest online property portal said it saw a 26 per cent jump in new seller listings compared to the previous record last year.

The number of buyers contacting estate agents about homes for sale on Boxing Day  was also 17 per cent higher than the same day in 2022.

Meanwhile, visits to the Rightmove website were 8 per cent higher than last year.

Boxing Day traditionally signals the start of home-mover activity starting to ramp up following the usual lull over Christmas.

But Tim Bannister, a property expert at Rightmove, believes the recent surge in activity may be a sign of things to come and that home-mover activity will begin to increase at the start of this year.

He says: ‘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.’

Will there be a rebound in activity in 2024?

Last year saw a significant drop in the number of homes sold across the country as higher mortgage rates and fears over house price falls caused some home buyers, movers and property investors to pause.

The number of property transactions has fallen by 22 per cent year-on-year,  according to the latest HMRC figures.

As we enter 2024, there is reason to believe the market could see an uptick in activity as buyers and movers who held off last year decide to move forward with their plans.

Financial markets are now expecting the Bank of England to begin cutting base rate and mortgage lenders have been slashing rates in expectation of this happening.

HSBC and Halifax have already cut rates in January, with the cheapest fixed deals dipping below 4 per cent for the first time since May.

Many people within the mortgage industry are expecting further rate cuts to follow over the coming weeks.

While mortgage rates will still be far higher than they were before interest rates began rising at the end of 2021, some market commentators believe the rate cuts will be sufficient to boost activity.

Catherine Merrett, sales manager at Richmond estate agency Antony Roberts, says: ‘There is a lot more optimism in the air about 2024 and the chances of it being a better year for the market, given that mortgage rates have started to come down.

‘Many vendors have been holding off waiting for rates to head in the right direction before they go to market and now that is happening, we are optimistic about the year ahead.’

Anthony Codling, head of European housing and building materials for investment bank RBC says: ‘The housing market is still challenging, but with inflation falling, the prospect of bank rate, and therefore further mortgage rate cuts, edges ever closer.

‘During 2023 the temperature of the UK housing market has been frosty, but the early indications are that in 2024 the housing market may start to warm up.’

However, some within the property industry are less optimistic about 2024 and believe we will see a continuation of 2023.

Iain McKenzie, chief executive of The Guild of Property Professionals, says: ‘As we enter the new year, we are anticipating much of the same, at least in the first half of the year.

‘If inflation continues to fall in 2024, interest rates will also come down eventually and more people will be able to get themselves on the property ladder.

‘It is too early to tell whether this will be enough to drive house price growth next year, but a recovery for the market is certainly on the horizon.’