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Category: property market
The period from Boxing Day to the first day of the New Year was the busiest on record for home movers, according to online portal Rightmove.
New data from property portal Rightmove shows that there was a 23% rise in property buyer demand over the festive period, when compared with the same timeframe last year.
They saw the highest number of new sellers on Boxing Day that Rightmove has ever recorded, with 21% increase.
Prospective sellers were also incredibly active on the 30th of December, the busiest day since May 2021 for people requesting estate agents to come out and value their home.
Could this be a good sign for landlords who have been struggling to locate new properties for their financial investments in 2021?
Rightmove’s director of property data Tim Bannister commented on the change:
“Boxing Day traditionally signals the start of activity ramping up as people turn their attention from turkey and trimmings to their plans for 2022, and activity is set to increase further as January unfolds and people start to settle down into a routine after the December break.
“Despite the frenzied market activity we saw throughout 2021, we’ve recorded even higher levels of buyer demand in the period between Boxing Day and the New Year this year, driven by a sustained desire to get on and move.
“Not only this, but the increased number of new homes up for sale on Boxing Day compared to last year, signals a new group of sellers coming to market who have made it their New Year’s resolution to move in 2022. This group may have held back last year due to the frantic market but are now seeing it as their time to take action, and have taken advantage of the high number of prospective buyers searching for their next home over the holidays.
“This, coupled with the number of would-be sellers getting in touch with an agent to value their home, suggests more property choice to come for buyers. However, with buyer demand high, we’d recommend getting in touch with a local estate agent to book a viewing as soon as you see a property that could end up being the one for you.”
This boost in interest from both buyers and sellers is known as the 'Boxing Day bounce' to estate agents.
Potential mover’s use the time between Christmas and the New Year to start their property search.
Having friends and relatives over to visit during the holidays can also highlight issues such as a lack of space, which could prompt people to browse for new homes.
With property prices still high after the past couple of years, new stock will be a welcome sight to landlords who are poised to invest.