While traditionally a time for rest and relaxation with loved ones, the festive break can also shine a light on little frustrations with your home. Have you heard yourself saying things like "we must get a bigger kitchen”, “we need an extra room for the kids”, or “we should move closer to family”? If so, you’re not alone!
The period before Christmas and New Year is known as the Boxing Day Bounce, as the property market often sees a spike in new listings and enquiries, and 2023 was no different. According to the online listings website Rightmove, record numbers of home-sellers listed their properties for sale on the site, with over 10,000 new properties on the market – the biggest number of new sellers in one day since 2011! Purchase interest is rising too, with a 17% increase in estate agent enquiries on the site compared to Boxing Day 2022.
Following a long period of uncertainty around rising house prices, interest rates, and inflation figures, this boost reflects a growing positive outlook for the residential property market. As inflation drops, so too are mortgage interest rates starting to fall, with HSBC offering the first rates under 4% since the spike, a trend expected to be seen more frequently throughout 2024.
These figures are clearly giving homeowners confidence in the market, which is reflected in the spike in new listings and enquiries, even compared to the previous year. Sweeney Miller Law Residential Conveyancing Partner, Damien Todd, commented: "These figures are extremely encouraging and very welcome – it is great to see the start of what could be a very positive period for the housing market. We'll keep an eye out as more figures emerge; I don't think this will be the end of the boom!"
If you’re looking to sell your home or purchase your next property and want to make sure you have the best legal advice for your transaction, speak to a member of the Sweeney Miller Law residential conveyancing team today. We understand how potentially stressful a house move can be, and we will work closely with you, keeping you informed at all times to ensure that your transaction proceeds as smoothly as possible.
Our specialist and accredited conveyancing team is ideally placed to support you through your move, and we can cater for clients across the region and nationwide. By combining the latest case management technology with the team's specialist knowledge, we offer an exceptional, cost-effective conveyancing service.