The start of the new year gives lots of people the enthusiasm and motivation to make changes to their lives, whether they embark on a diet or quit smoking. This also includes encouraging those who have thought about moving home to take the plunge and start looking for somewhere new to live.
That is why January is a great time for homebuyers, as they have the impetus to take action and begin their search, hoping to have moved into their dream home by the time next year has rolled around.
By contrast, many people may have made a new year’s resolution to sell their property so they can move themselves. Therefore, there are more homes coming on to the market, giving buyers more choice than they have had in a long time.
Recent figures from Rightmove have proved this, as they showed that over 10,000 new properties entered the market on Boxing Day, which is the highest number of new sellers in one day for 13 years.
There was also a 17 per cent jump in buyer enquiries than December 26th the year before, while enquiries sent to estate agents about houses for sales rose by a huge 273 per cent from Christmas Day to Boxing Day, as buyers decided to put their 2024 plan into action straight away.
Tim Bannister from Rightmove said these statistics show that buyers and sellers are seeing the new year as a time to take action, particularly from those “who had put their plans on hold last year”, which could have been down to rising mortgage rates.
Many vendors may have been deterred from putting their home on the market in December, as few people have time to view the property or get their finances and legal documents in order during the festive season.
This is why Boxing Day could have seen a significant jump, as they could have been waiting for the turkey to be eaten for their house to hit the market, right at the point when people have more time to focus on their property search better.
