Spring was once the traditional time for the property market to burst into action but the post-Christmas comedown is now providing house hunters with the perfect opportunity to find a new home.
For just as the Boxing Day sales swing into action, the rush to source the next des res begins.
And though the house may still be littered with wrapping paper, relatives and the contents of a toy shop, home finder and neolender Proportunity says the festive season is the ideal time to start the search. The data from Proportunity’s home finder platform shows that in the years 2019-2021, the start of the year saw a 100% increase in the number of properties being listed as available for sale and their house price growth index indicates a corresponding price decrease in February, resulting in the best opportunities for buyers.
They’ve already helped finance £58 million in property sales and are on a mission to unlock homeownership for everyone by offering a financing option fit to keep up with current rising housing prices. Proportunity’s shared equity loan is accessible at a 5% deposit and they use data-driven technology to power a home finding tool that predicts the true value of a home.
But with millions of people now hitting internet property sites on Boxing Day, Proportunity says that competition for homes is increasing and potential buyers need to get in on the act to avoid missing out.
Proportunity co-founder and CEO Vadim Toader says the market has completely transformed: “Traditionally people concentrated on getting their properties ready for sale in the spring. But over the last five years we’ve seen interest in property searches skyrocket in winter with record numbers logging on to the internet on Boxing Day. It can be the busiest day of the year for some property websites with millions of potential buyers scrolling through listings.
“At Proportunity, this has translated into a jump in sales volume in March, a rise which usually continues throughout the summer. My top tip, especially for first-time buyers, would be to try and do viewings as soon as possible after Boxing Day, placing offers in January, allowing for plenty of negotiation time when housing supply is high, but demand is still relatively low, thus securing the best possible deals in February.”
Known as the annual Boxing Day Bounce, it’s thought the surge in searches may be prompted by confinement in close quarters over Christmas, which can highlight dissatisfaction with a current property, plus hopes for the future with a new move in the New Year.
Vadim Toader says: “People clearly re-evaluated what they wanted from a home after Covid-19 struck and the signs are that the hunger for property continues to fuel huge interest from buyers. We’re expecting this Boxing Day to kick off another uptick.”