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Glad tidings for a festive bounce!
Friday, December 15, 2023
Glad tidings ahead of Christmas from The Royal Institution of Chartered Surveyors November Residential Market Report which revealed that cheaper mortgages are having a positive impact on the prospect of a more buoyant property market in 2024. With interest rates held for the third review in a row by The Bank of England, and some economists forecasting a rate cut at the next review, we should see more buyers having the confidence to start their property search soon after Christmas.
Matt Smith, Rightmove’s mortgage expert, said: “Today’s decision to hold the Base Rate as expected is some further good news to those planning a New Year move and looking to take out a mortgage soon. We typically see more people consider their moving plans after Christmas, and after 20 consecutive weeks of steady average mortgage rate falls, this is the most settled mortgage market we’ve seen for a while, giving confidence to those thinking of moving.”
Rightmove analysts are predicting a bounce this festive period, with figures showing that the number of new properties coming to market on Boxing Day has almost tripled compared to pre-pandemic levels. Properties listed for sale on Boxing Day 2022 were a record 173% higher than 2019, and 46% higher than 2021. Buyer demand (buyers sending enquiries to agents about homes for sale), also tripled over the festive period last year, according to Rightmove.
Many potential vendors also use the Christmas holidays to think about moving. Last year, two of the busiest days on record for vendors contacting an estate agent to value their home were in January 2023. Rightmove’s Tim Bannister said: “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.”
If you are thinking of moving in 2024, get ahead of the game and contact your local Frost office for a free, no-obligation valuation and sound professional advice.
