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Highlights:
- Seasonal Price Dip: Average new house seller asking prices fell 1.7% in December, reflecting the annual pre-Christmas slowdown.
- Boxing Day Surge Expected: Rightmove predicts a rise in home-mover activity on Boxing Day, a growing trend for property transactions.
- 2025 Price Growth Forecast: Lower mortgage rates and changes to stamp duty are projected to drive a 4% increase in house prices next year.
House prices experienced a typical seasonal dip in December as new sellers reduced their asking prices to attract attention amid pre-Christmas distractions, according to Rightmove. On average, asking prices for new properties fell by 1.7%, equivalent to £6,395, bringing the average to £360,197.
Despite the drop, prices remained 1.4% higher than the same period last year, reflecting underlying stability in the housing market.
Pre-Holiday Slowdown Drives Adjustments
December traditionally marks a quieter period for the housing market as buyers focus on holiday festivities, noted Rightmove's property science director Tim Bannister. “New sellers in December have to work particularly hard to capture the attention of Xmas-party and festivity-distracted buyers,” he explained.
Anticipating the Boxing Day Bounce
Boxing Day has emerged as a key date for the housing market, with Rightmove highlighting the "Boxing Day Bounce" in home-mover activity. Last year, the day saw a record number of sellers listing properties, alongside a 22% year-on-year increase in sales agreements.
This trend reflects a shift in consumer behavior, as prospective buyers and sellers leverage the holiday period to jumpstart their property plans for the new year.
Looking Ahead to 2025
Rightmove forecasts a strong rebound in the housing market in early 2025, spurred by several factors. A continued decline in mortgage rates is expected to boost buyer confidence, while the prospect of higher stamp duty rates may prompt hurried transactions. These elements, coupled with growing demand, are projected to drive a 4% increase in house prices over the course of the year.
While December’s dip aligns with seasonal expectations, Rightmove’s data underscores the resilience of the UK housing market and its potential for renewed activity as the new year begins.
