The property market has plenty to give this Christmas and beyond. This Christmas and New Year will be particularly generous! The sales agreed price per square foot last month has seen an increase to £331.19 from October’s £329.63, indicating market resilience and buyer confidence.
Moreover, year-to-date (YTD) listings for 2023 are holding steady at 99.2% of the average seen in the years 2017, 2018, and 2019, underscoring a stable market supply despite varying economic conditions, while gross house sales for YTD this year are at 94.4% of the average of the 2017,2018 and 2019 levels, showing healthy transaction volumes.
Meanwhile, the Boxing Day Boom is on the approach, with the number of new properties coming to market on Boxing Day having almost tripled since before the pandemic started. Experts also claim that many future sellers will use the holiday period and start of the new year to consider a move, meaning the Boom could go on for longer than usual this time around.
Rightmove’s Tim Bannister has said: “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.
“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.”