If you plan on selling your home, it makes sense to be present when prospective buyers are looking for property.
Of course, you might not be prepared for the fact that this occurs at the end of the year!
We’ve seen many buyers make the most of the time between Christmas and New Year, and this is referred to as the Boxing Day Bounce.
What do Rightmove say about the Boxing Day Bounce?
Rightmove states the number of people looking at homes on Boxing Day 2020 was more than 50% higher than the Boxing Day 2019 figure. Rightmove recorded 51 million visits between Boxing Day 2020 and the first working day of 2021.
Tim Bannister, Rightmove’s Director of Property Data comments: “Despite the soaring property market and consequent shortage of choice of homes for sale for prospective buyers, new sellers have given buyers an early Christmas present by dropping their average asking prices by 0.6%. Sellers who come to market this close to the distractions of Christmas often have a pressing reason to sell, so naturally price more attractively to grab the attention of prospective buyers who may be otherwise occupied. We expect this downward price trend to be relatively short-lived, though sellers who are in a hurry will continue to need to attract buyers for most of December as well.”
Tim Bannister also said; “As soon as Christmas Day is out of the way, there’s a boom in people searching for property on Boxing Day, perhaps with time available during the holiday season and resolve to enjoy their next Christmas in new surroundings. That is likely to push prices higher again, and increase the competition from other buyers. Some of those additional buyers will also be new sellers who have held back from launching their property to market until this Boxing Day buyer boom, judging it to be a good time to sell and to move in 2022.”
Bannister adds: “Sellers often wait until January to get their home on the market, but this year agents say that more people are trying to get a head-start on making 2022 their year to move by doing a lot of the prep before the New Year, including having their home ready to market during the Christmas period. Some savvy sellers are planning to get their photos taken before they put up their decorations, so that their property advert doesn’t look dated in January. Sellers can also agree with their agent a date when viewings can start in January if they’re worried about having time to tidy up after Christmas, which would give the agent time to generate interest in their home. Plus, if they’re able to secure a buyer for their home early in the New Year and they are looking to buy again, it puts them in a powerful position to secure their next property.”
Bannister concluded by saying; “In the current market, it’s a real advantage to be a “power buyer”, and have already sold your current home subject to contract when looking for somewhere to buy, putting you ahead when trying to buy another property, where there are other offers already on the table.”
We understand the Boxing Day Bounce at Thomas Morris
This isn’t a new phenomenon, and we have seen it many times over the years. If you are looking for an agent who knows how to manage the market at this time of year, we are more than happy to assist you.
Simon Bradbury, the Managing Director at Thomas Morris Sales & Lettings, said: “With the holiday season coming up fast, sellers planning to enter the market might be tempted to put off beginning the process of putting their home on the market until the New Year. However, Boxing Day is historically the start of a busy period of both new sellers coming to market, and a resurgence of prospective buyers browsing properties.”
Simon also said; “So, if they wait until January to begin the selling process, they may have missed out on a valuable period of time to attract buyers. Sellers would be wise to use this window of opportunity to begin the process of getting their home on the market now, by getting their property valued and speaking to an agent about marketing activity. This, in turn, puts them at the front of the queue, and in a more powerful position to proceed when looking to secure their next home.”
If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.