A record number of sales properties were launched on Rightmove by agents on Boxing Day – up 26% on the previous record last year.

The day after Christmas traditionally signals the start of home-mover activity starting to ramp up following the usual lull over Christmas.

HIGHER THAN LAST YEAR

And last year proved no different with visits to the platform nearly doubling (+84%) between Christmas Day and Boxing Day and were 8% higher than last year, with the number of buyers contacting estate agents about homes for sale jumping 273% – some 17% higher than last Boxing Day.

Tim Bannister, Rightmove’s Director of Property Science Innovation, says: “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.

“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.”

CLEARLY RESONATING

Nathan Emerson, Chief Executive of Propertymark, says: “Positivity is clearly resonating on the property market even though Christmas is normally a quiet period for the property sector.

“Rightly so, sellers are clearly not deterred by the latest inflation figures or interest rates as optimistic signs start to emerge and are demonstrating confidence in the market.

“This is the positive type of news that Propertymark hopes to see more of throughout 2024.”

Elsewhere, the portal reported the average 2-year fixed mortgage rate is now 5.43%, down from 5.46% a year ago with the average 5-year fixed mortgage rate now 5.02%, down from 5.23% a year ago.

LOWER MORTGAGE RATES

Matt Smith, Rightmove’s mortgage expert, says: “It looks like lenders are likely to give early 2024 movers the belated Christmas present of lower mortgage rates.

“Unless things change, the signs are positive that lenders will reduce rates further over the coming weeks.

“Combined with the early-year bounce in home-mover activity we’re starting to see, lenders who price more competitively can expect growing interest from those looking to take out a mortgage soon.”