Christmas property sales and the Boxing Day Bounce
We’re fast approaching the time of year where everyone is either busy making plans before the Christmas holiday period falls or putting things off until the new year. But, as far as selling your property is concerned, could you be making a mistake?
Not only do we spend a lot of time in our own homes over the Christmas period, travelling to different areas and regions to visit family and friends can also get us thinking about a fresh start in a new job or home. We’re looking at some of the market statistics for selling or listing your home in December.
Should I take my home off the market before Christmas?
Despite research showing that if a home isn’t sold by the end of October, it will unlikely sell before Christmas, this doesn’t change the fact that the property market remains active. Plus, as we highlighted last year, you could actually be missing out on a flurry of market activity following Christmas, known as the Boxing Day Bounce. In fact, Rightmove reported over 25 million page views on Boxing Day 2018 and HMRC highlighted a 3.6% increase year on year in property sales throughout December.
Considering putting your home on the market in December?
If you’ve just recently been thinking about listing your property but didn’t know whether to wait until January, there are other considerations you should make.
For example, it’s worth remembering that December often sees less homes on the market, as some sellers just don’t want to sell at the end of the year. So, by listing your property at this time, you could have an advantage. Additionally, it has just recently been reported that the number of homes for sale is down 15% compared to this time last year – although, despite this, average asking prices are still 0.3% up year on year. So consider your motives for selling and remember that people need to buy houses and move all year-round.
However, there is also the caveat of the upcoming UK General Election, also due to take place on 12th December. This could well be affecting the fall in properties on the market right now, as some will undoubtedly be waiting until there is a clear outcome.
If you’ve been considering a move or know you need to sell your home, but don’t know the best time to begin, get in touch with our residential team. We’ll be delighted to advise you based on your situation.