Asking prices fall but Rightmove expects usual Boxing Day web-fest

The average asking price of homes coming to the market has dropped by over £2,000 in the past month - the largest monthly fall since the very start of the year in January.

Rightmove says this 0.6 per cent drop in four weeks allows agents to say that there are Christmas bargains to be had for those buyers still looking in the build up to the festive season.

There is also some evidence of people beginning the selling process by requesting a valuation from an agent - enquiries via the Rightmove website were 14 per cent higher in October than the same period last year.

Tim Bannister, Rightmove’s director of property data, says: “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 a resolve to enjoy their next Christmas in new surroundings. That is likely to push prices higher again.”

The portal says it anticipates Boxing Day to be the effective start of the 2022 home buying season; last year there were over 51m visits to Rightmove between Boxing Day and the first working day of the new year.

The latest Rightmove market snapshot cites well known agent Simon Bradbury, managing director at Thomas Morris Sales & Lettings, saying: “With the holiday season coming up fast, sellers planning to enter the market might be tempted to put off beginning the process of putting their home on the market until the New Year.

"However, Boxing Day is historically the start of a busy period of both new sellers coming to market, and a resurgence of prospective buyers browsing properties. So, if they wait until January to begin the selling process, they may have missed out on a valuable period of time to attract buyers.

“Sellers would be wise to use this window of opportunity to begin the process of getting their home on the market now, by getting their property valued and speaking to an agent about marketing activity. This in turn puts them at the front of the queue, and in a more powerful position to proceed when looking to secure their next home.”