New homes were put on the market in record numbers following

New homes were put on the market in record numbers following

From Elham Alex

The UK Property Market enjoyed a post-Christmas upturn that broke records for the most new homes listed for sale

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 Fresh data that came in from the largest property portal in the UK – Rightmove - revealed that a record amount of registered sellers put their house on the market in the period between Christmas and New year as moving house was a collective thing on people’s minds. The end result being a huge increase in the availability of houses for sale.

To underpin this there was also a noticeable increase in the number of people requesting a property valuation from estate agents.  This is of course the initial enquiry that can lead to owners putting their house on the market, meaning the signs are also very good that figures for future sellers is also high. The week commencing Boxing Day saw more of these requests reported by estate agents, and not seen at this level since the start of September 2022.  UK estate agents also were also reported in the survey by Rightmove to have had a Christmas period 29% busier than the previous year.

Rightmove also revealed that on average there was a 20% increase between 19th to 26th of December of the number of homes viewed as potential buyers perused the new options available.

Property expert Tim Bannister of Rightmove stated: “Boxing Day is traditionally the start of activity ramping up into January and the spring selling season after Christmas, as people return to their search or consider a New Year move. We’ve seen some promising activity and familiar patterns over the festive period this year, which are good signs for the year ahead.”

“While we expect a calmer market this year than we’ve had since the pandemic started, the record number of sellers who chose to come to market this Boxing Day indicates there is a group of motivated sellers ready to move, who perhaps held back and now feel more confident. After such frenetic market conditions over the last few years, this year’s calmer market will better suit measured movers who prefer to take their time to find the right property.”

The staff at Asset Residential, Birmingham estate agents, have also been very encouraged by the end of year activity and believe that these high engagement figures and obvious interest in both buying and selling homes are good signs for the UK property market going into 2023. 

The actual figures read as:

·         Record numbers of new sellers put their property on the market on Rightmove on Boxing Day, a 46% increase on the previous year.

·         Total amount of valuation requests that estate agents received between Boxing Day & New Year’s Day was a 29% increase on the corresponding period from the previous year.

·         Week that commenced 26th December resulted in a Rightmove increase of views of 20% in comparison to the previous week. An excellent pre-curser to a busy start for 2023

Are you looking to sell or rent your property in central Birmingham this year? If so, get a fast online property valuation for your house or apartment and see what your property is worth either to sell or for rental. Asset Residential are experts in the central Birmingham property market and will happy to help you get an understanding of what your property is worth in the current market.

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