Xmas activity hit record high as buyers and sellers prepare for 2022

Activity on Rightmove reached new heights over the Christmas period, with demand from buyers rising by 23% on Boxing Day, compared to the same date last year. New sellers coming onto the market also jumped by 21%, the highest number Rightmove has ever recorded on Boxing Day. December 26th 2021 also represented Rightmove’s busiest day ever for visits to its site and apps.

Another sign that January 2022 could be a busy month for the UK property market, was that December 30th 2021 made it into the top 10 busiest days ever for people requesting valuations of their homes. A new group of sellers may be about to enter the market this year that delayed listing their home because of the pandemic last year.

This news follows what was a positive year for the UK property market. Last year, the number of first-time buyers reached its highest level since 2006, up almost 36% on 2020, according to Yorkshire Building Society. First-time buyers now make up half of all mortgaged house purchases, supported by record-low interest rates.

The average rate on a two-year fixed mortgage with a 5% deposit was 3.09% last month, according to Moneyfacts. Borrowing conditions may get even more accommodative for first-time buyers if the Bank of England relaxes lending rules, as it is expected to do soon.

Despite the recent interest rate rise from 0.1% to 0.25%, it plans to make changes to stress tests for mortgage borrowers which would make it easier for first-time buyers to obtain a bigger loan. This would be a big boost to first-time buyers who may find it more difficult to buy a property following increased house prices in 2020.

Stephen Ludlow, Chairman at ludlowthompson says: “Early signs suggest that 2022 is set to be another big year for the UK property market, following record traffic on Rightmove from both buyers and sellers.”

“January often tends to be a month of high activity following a Christmas slowdown, but with the pandemic potentially delaying the plans of both buyers and sellers late last year, we could see a real surge in activity early on in this year.”

“The number of first-time buyers getting onto the housing ladder in 2021 is also encouraging. Despite the Bank of England raising rates slightly, mortgages rates remain competitive.”

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