A Christmas miracle for potential new buyers?

by | Monday 15th Nov 2021 | Mortgage News

Family Christmas

The Rightmove House Price Index has released surprising figures this month that show that the average house price coming on to the market has reduced by 0.6% compared to last month’s figures potentially encouraging new buyers over the holidays.

Unlike buying Christmas presents for your in-laws (a practice loathed by many for centuries) shopping for a new home is exciting, that undeniable. You can’t help but conjure up visions of celebrating Christmas around a huge new Christmas tree in an equally huge new sitting room however, people looking to move to a new home often get caught up with Christmas festivities and pause their search until the New Year, leaving those who are still looking before Christmas able to purchase with less competition.

Property prices around Christmas have always historically increased as families full of festive joy and dreams of domestic perfection or perhaps frustrated and tired Christmas party hosts desperate for larger homes to fit all the extended family round the dining table next year all hop online to explore what properties are available in their area. Encouragingly to many, it seems that prices have dipped a bit. An early Christmas present or are too hopeful for our own good?

Director of property data at Rightmove Tim Bannister has said: “Sellers who come to market this close to the distractions of Christmas often have a pressing reason to sell, so naturally price more attractively to grab the attention of prospective buyers who may be otherwise occupied. Unfortunately, we expect this downward price trend to be relatively short-lived, though sellers who are in a hurry will continue to need to attract buyers for most of December as well. As soon as Christmas Day is out of the way, there’s a boom in people searching for property on Boxing Day, perhaps with time available during the holiday season and a resolve to enjoy their next Christmas in new surroundings. That is likely to push prices higher again and increase the competition from other buyers.”

Only time will tell how long the price decreases are likely to last but if 2022 is the year for you and you would like to speak to someone and see what kind of property might be in your budget then feel free to give our mortgage experts a call on 02070160790.

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