Listings surge a boost for first-time buyers

The Christmas listings surge could be a boost for first-time buyers looking to take their first step on the housing ladder, experts from PriceHubble have predicted.

Founder Stefan Heitmann and PriceHubble adviser Tony Prestedge – former deputy chief executive at both banking giants Nationwide and Santander – said, “Christmas 2022 saw record breaking property listings, meaning now couldn’t be a more relevant time to start looking for properties.

“Despite the current housing market turmoil, January will still be a busy time for those looking to buy or sell their home with increased viewings at the start of the year following this wave of listings.”

RECORD

Earlier this week Rightmove reported a record number of new sellers put their property up for sale on Boxing Day, a 46% jump on the previous year.

The number of people contacting estate agents to value their home between Boxing Day and New Year’s Day was also the highest number recorded in a week since early September, and 29% higher than the same period in 2021.

The week following Christmas (w/c 26th December) was the busiest week for valuation requests from future sellers since early September, peaking on the 28thDecember as some people returned to work following the bank holidays. Valuation requests were 29% higher compared to the same time last year.

There is still a possibility for aspirational first-time buyers to get on the property ladder in 2023.”

Heitmann and Prestedge say: “With the UK Government extending its Mortgage Guarantee Scheme, alongside incentives like the Lifetime ISA, there is still a possibility for aspirational first-time buyers to get on the property ladder in 2023.”

PROMISING

Rightmove’s property expert Tim Bannister adds: “We’ve seen some promising activity and familiar patterns over the festive period this year, which are good signs for the year ahead.

 “While we expect a calmer market this year than we’ve had since the pandemic started, the record number of sellers who chose to come to market this Boxing Day indicates there is a group of motivated sellers ready to move.

“Those sellers who got a head start and have their home already up for sale will now be benefitting from the jump in viewings over the next few weeks, as people settle back into their usual routines.”