Don’t fall for the Boxing Day sales myth – Nicol & Co

December 19, 2022

The head of Worcestershire’s independent estate agents has warned home sellers not to fall for the “launch on Boxing Day fallacy” – based on the fact that people spend the day after Christmas browsing the internet for their next house. Matt Nicol, Managing Director of Nicol & Co which has offices in Droitwich, Worcester and Malvern, said that there were very good reasons to launch your property now.

“If you wait until Boxing Day, you are competing with thousands and thousands of other sellers who are hoping that casual online browsers will find their property – and actually be motivated to view and buy.

“Serious buyers are already looking. They know that mortgage rates are dropping, prices are steady in Worcestershire, and the Autumn Statement has maintained the Stamp Duty changes but put a time limit of March 2025 on them.

“And demand is currently exceeding supply, so we are seeing more buyers than sellers which is all the more reason to be marketing your property now.”

He pointed out that fewer listings in December meant less choice for buyers and therefore more likelihood of them choosing to view your property.

“Serious buyers recognise that mortgage rates have started to decline as the Autumn Statement’s effect on calming the markets has begun to take effect, and they have ensured their mortgage offer is in place.

“This means they are ready to proceed and keen to get moving – literally.

The Stamp Duty regime currently means that first time buyers only pay Stamp Duty Land Tax on homes over £450,000 – previously £300,000. First time buyers’ relief is available on properties up to £625,000, up from £500,000.

And the Nil Rate Band has been doubled for all buyers, up to £250,000.

Mr Nicol said: “If an estate agent is trying to persuade you not to list your property until Boxing Day, I would respectfully disagree.

“By delaying till Boxing Day, you are simply putting your property on the market at the same time as thousands of other properties in your area.

“And unless the number of buyers magically increases by the same factor, then you are just competing with each other for the same pool of buyers with agreed mortgages who can proceed.

“The popularity of the many property programmes on TV demonstrates how people like to look around other people’s homes, but it doesn’t always mean they are serious about buying.

“We are recommending that our clients call us to discuss putting their home on the market immediately and reap the rewards of being ready to sell before Christmas.

“It’s always good to know that one of life’s biggest decisions, to move house, is done and dusted before you break out the mince pies and settle down to enjoy the festive season.”

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