House prices drop by 0.6% in November

These figures come from online real estate firm Rightmove’s House Price Index for November. It says that, while market activity remains robust, this pre-Christmas price lull is aiming to attract distracted buyers.

It expects this slight softening of prices to last until Christmas, before the traditional Boxing Day buyer resurgence, with the number of people browsing properties on Rightmove on Boxing Day last year more than 50% higher than in 2019.

This post-Christmas Day activity, according to Rightmove, has become the norm - with estate agents reporting that many home-owners are already getting their homes spruced up.

Commenting on this news, Rightmove’s director of property data Tim Bannister, 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.

“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 resolve to enjoy their next Christmas in new surroundings.”

Rightmove’s researchers say many prospective buyers have seen their affordability sorely stretched in 2021 with the fast pace of rising prices. And, while buyer choice of property for sale is limited at present, there will be sellers who are keen to sell and will negotiate accordingly.

Because of this Boxing Day boom, many estate agents are advising prospective sellers to prepare their property now to be ready for marketing on 26 December or as soon as possible thereafter.

Agents also reported that home-owners are starting the process of getting their homes ready to sell after Christmas by finding out how much their property could be worth. In October, Rightmove recorded a 14% increase in the number of requests by home-owners for valuations from estate agents when compared to the same period last year.

Responding to Rightmove’s findings, Northfields Estate Agency’s managing director Richard Palfreeman, added: “It is always pleasantly surprising to see how busy we get with serious buyers and investors looking to buy just before Christmas.

“People looking to move to a new home often get caught up with Christmas festivities and pause their search to the New Year, leaving those who are still looking before Christmas able to purchase with less competition. We often find in November and December that there are vendors who are motivated to secure a sale, and there are some great bargains to be had for buyers.”