A record number of property sellers in the country listed their homes for sale on the day after Christmas, according to a report from Rightmove.
The number of new sellers putting their homes on the market on Boxing Day—as Brits call the day following Christmas Day—was 26% higher than the prior year, which itself was a record, the online property portal said.
Buyers also got their new year moving plans in motion on Dec. 26, with the number of buyers contacting estate agents about homes for sale 17% higher than the same time last year.
“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,” said Rightmove’s property expert Tim Bannister.
“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,” he said.
The influx of sellers will be welcome news for the property market.
A shortage of homes for sale has been impacting real estate markets globally, with would-be sellers reluctant to give up their current mortgage rates, which are likely much more favourable than current rates.
In the U.K. though, a number of mortgage providers have kicked off 2024 with announcements of interest rate cuts.
Halifax has cut some interest rates by close to one percentage point, while equity in their home) will fall below HSBC’s two-year fixed rate for remortgages (for someone with at least 40% 4.5% for the first time since early June last year.
Experts are expecting that the Bank of England will cut interest rates in the first half of this year.
