The Boxing Day boom
With the holidays fast approaching, a new wave of potential homebuyers and tenants are entering the market. Many Christmas shoppers have begun looking beyond the average off-the-shelf presents on boxing day and through the keyholes of their next home instead.
What is the Boxing Day boom?
Christmas was previously known as a quiet period in the property industry. However, the digital age has caused a huge shift in this trend. Property search portals such as Zoopla and Rightmove have recorded boxing day as being one of the busiest days of the year, with website visitors doubling. Since the launch of online property portals, Boxing Day onwards has become a staggeringly active period otherwise known as the boxing day boom.
On Boxing Day 2020, Zoopla recorded a 70.5% increase in site visitors and Rightmove recorded a 231% surge in website traffic over the Boxing Day – New Years Eve period last year, making it the busiest time of year recorded.
What causes the Boxing Day boom?
The festive period, Boxing Day especially, provides people with downtime that they may not find any other time of the year. Boxing day is often a day spent lounging around on the sofas watching television, reflecting on the day before.
Once the hustle and bustle of Christmas is over, it makes sense that the downtime before the New Year would be the perfect time for people to begin re-evaluating their living situations. Whether this is tenants now looking to purchase their first home, children flying the nest and looking for a property to rent or just a family looking for a fresh start. Buyers may reflect over Christmas and realise that they are no longer happy with their current home, maybe their house is too small for guests, or they live too far away from their loved ones. It is these emotions that tend to drive the Boxing Day boom.
Is it too late to think about selling or letting my property?
Not at all, moving home is a big decision for anyone and the online property portals often continue to be flooded with visitors throughout January. Choosing to put your property on the market after the Christmas period will also allow you to get ahead of any competition, and give you access to the large quantities of buyers and tenants searching for their new home.
In addition to this, Rightmove have reported that the national asking price of a home is expected to increase by 5% in 2022.
If you’re thinking of selling or letting your property, and making the most of the Boxing Day boom contact your local team of property experts today and book your free valuation. And remember, if you put your property on the market with us by the 31st December 2021, you'll pay 0% VAT.