Research conducted by estate agent comparison site GetAgent.co.uk indicates a potential surge in the UK property market at the end of the year. Analysis of the past decade’s data shows that the number of homes completing in December is typically 6% higher than the average monthly total, belying the common perception of Christmas as a quiet period in the property market.
GetAgent’s study, which examined property sales data over the last ten years, reveals that December does not generally experience a dip in transaction completions. On average, 83,616 property sales have been completed each month over the past decade. However, in December, this number increases to an average of 88,673, marking a notable rise.
Interestingly, in seven of the past ten years, the number of transactions completing in December actually increased compared to November. Despite this trend, the likelihood of finalizing a property sale on Christmas Day remains exceptionally low. Last year, only six sales were completed between Christmas Eve and Boxing Day, representing a mere 0.001% of the 810,450 homes sold in England and Wales in 2022. Out of these, three completed on Christmas Eve, two on Christmas Day, and one on Boxing Day.
Colby Short, co-founder and CEO of GetAgent.co.uk, comments on these findings: “Christmas is often considered a bit of a lull period for the property market and this is true in some respects. There’s almost certainly a reduction in the number of motivated buyers and sellers pushing ahead to agree a sale, as plans are put on hold until after the festive break. At the same time, many progressing sales will see a slight delay due to the reduced office hours and staff numbers of estate agents, solicitors, and other required parties. However, for those approaching the home selling and buying finish line, December is business as usual, and market activity has actually sat above the monthly average benchmark over the last decade during the month of December.”
He adds, “Just don’t expect Santa to leave the keys to your new home under the tree, as sales completing between the 24th and 26th December account for an incredibly small proportion of the annual total.”
These insights from GetAgent.co.uk provide an optimistic outlook for the property market in December, highlighting the month’s potential to defy traditional expectations and maintain robust market activity.
