Record number of sellers launch homes for sale as buyer enquiries boom and mortgage rates fall

Buyers also put their new year moving plans in motion on Boxing Day with the number of buyers contacting estate agents about homes for sale almost quadrupling, up by 273 per cent from Christmas Day, and 17 per cent higher than Boxing Day last year.

Visits to the Rightmove platform nearly doubled between Christmas Day and Boxing Day and were eight per cent higher than last year. The portal’s analysts say Boxing Day traditionally signals the start of home-mover activity following the usual lull over the run-up to Christmas.

Rightmove’s property expert Tim Bannister said: “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.”

Nathan Emerson, CEO of estate industry body Propertymark, says: “Positivity is clearly resonating in the property market even though Christmas is normally a quiet period for the sector. Rightly so, as 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.”

Meanwhile, mortgage interest rates are falling with Yorkshire based lenders among those leading the way. The Halifax has cut mortgage rates by up to 0.92 per cent for product transfers and 0.83 per cent on remortgages. It now has a two-year fix at 4.81 per cent for those with 25 per cent equity. It also cut rates by up to 0.92 per cent for its existing customers that opt to stay with them when remortgaging. Its cheapest rate is a 4.28 per cent five-year fix for buyers with a 40 per cent deposit.

Leeds Building Society has also announced cuts of up to 0.49 percentage points on its products. Generation Home is leading the way with a 3.94 per cent five year fixed rate deal for those with a 40 per cent deposit. More mortgage deals with lower rates are predicted.