Christmas seems to have arrived rather early in Herne Hill this year.
That isn’t a positive statement, however.
What I mean by that is that it does rather feel like the property market has already started winding down for the festive season, earlier than we might ordinarily expect.
New instructions are slowing down; on-market listings fell from a 2026 peak of 282 in June to 161 by October, a drop of around 43% that leaves around 30% fewer homes for sale compared to October 2025. Viewing appointments are dropping off, too, as you might expect. Buyers and sellers alike seem to be turning their attention towards the New Year.
Of course, this tends to happen every year. As Christmas approaches, moving home inevitably slips down people’s lists of priorities as plenty of other things begin competing for their attention.
The point is, only halfway through November, it feels as though the Christmas slowdown may have started a little ahead of schedule.
A Quieter Market, But Not an Unusual One
It’s important not to interpret a reduction in activity as a sign that the property market has ground to a halt.
There are always people looking to purchase a new home, and there are still sellers keen to move. Indeed, we’re still agreeing sales at Petermans, even as the number of new enquiries and viewings begins to fall away.
But there’s certainly a change in the mood.
We’re hearing more people say that they’ll revisit their plans in January, rather than try to squeeze everything into the last few weeks of the year.
And, in many respects, that’s perfectly sensible. The festive period is a natural interruption to the property market.
On the other hand, as viewers begin to drop out around this time of year, those that remain prove to be more serious.
The seasonal slowdown is entirely familiar, but it is perhaps a little more pronounced this time around.
The Christmas Completion Conundrum
There’s another interesting feature of the market at this time of year.
While some buyers and sellers are quite happy to put their plans on hold until January, others are suddenly rather keen to get everything wrapped up before Christmas.
And I do mean everything.
We’ve recently received offers and agreed sales where buyers and sellers alike have expressed hope that contracts might be exchanged within 28 days, with completion and a house move before Christmas.
It’s understandable, from a human perspective. Who wouldn’t like to spend Christmas in their new home?
But there’s a difference between what we’d like to happen and what’s realistically achievable.
In the good old days, four weeks might have been a reasonable aspiration for a particularly straightforward transaction. But I have to say, those days are 20 years ago or more.
Nowadays, the reality is rather different.
According to research published by Rightmove earlier this year, the average time between agreeing a sale and completing a property transaction in London is now 174 days.
That’s almost six months.
Across Great Britain, the average is 154 days. London is actually the slowest region in the country for getting a property transaction over the line.
Hoping to exchange contracts in four weeks may be understandable, but it looks rather ambitious!
Why Does It Take So Long?
There’s no single explanation for the length of time that the conveyancing stage now takes.
There are searches to undertake, mortgage offers to secure, surveys to arrange, enquiries to raise and answer, and legal documents to prepare.
And, of course, in many cases, there are other people involved in a chain, each with their own solicitors, mortgage arrangements and circumstances.
Of course, all the above has always been the case.
In Herne Hill, we do deal with a higher number of leasehold properties than other parts of the country, where management information, service charge accounts and enquiries involving freeholders or managing agents can add further complications. Flat and apartment sales have accounted for almost 60% of property transactions in the past 12 months in Herne Hill.
In any case, even when everybody is motivated and doing their utmost, the process takes time.
Now throw Christmas into that mix.
Solicitors understandably begin to focus their efforts on those transactions that are advanced enough to stand a realistic chance of exchanging and completing before they close for the holidays – which is often the week before Christmas for many.
That’s not to say that a newly agreed sale won’t receive attention, but expecting it to jump ahead of transactions that have been progressing for months is neither realistic nor fair.
Could a transaction still exchange in 28 days?
Possibly.
If we’re dealing with a chain-free property, a clean legal title, a cash buyer, solicitors who are ready to proceed and absolutely no unexpected complications, then there’s a chance.
But those circumstances are the exception rather than the rule.
Managing Expectations Matters
One of the most important roles we have as estate agents is helping buyers and sellers understand what’s achievable.
Estate agents are naturally keen to get people moving, and nobody wants to be the person who pours cold water on somebody’s hopes of moving into their new home before Christmas.
But I would much rather have an honest conversation at the outset than make an optimistic promise that ultimately ends in disappointment.
Setting a realistic timescale doesn’t mean accepting unnecessary delays.
Quite the reverse, in fact.
It allows everybody involved to work towards a sensible objective, with a clearer understanding of what needs to happen and when.
And if things can progress more quickly than we might expect based on averages? Well, then that’s wonderful. That’s a bonus.
But I’d rather deliver a surprise early Christmas present than promise one which never arrives.
Looking Ahead to the New Year
For those who are thinking of selling, the weeks ahead might be quieter, but that doesn’t mean they can’t be useful, and they certainly need not be wasted.
Even if going to market prior to Christmas really doesn’t work for you, this can be an excellent opportunity to prepare for a New Year launch.
Valuations can be arranged, photographs planned and even taken (avoid Christmas decorations though), marketing materials prepared and the necessary paperwork gathered together.
As for buyers, there’s nothing wrong with continuing to look. As alluded to already, any sellers who remain on the market at this time of year may be particularly serious about moving.
The property market doesn’t close for Christmas, even if it changes pace. Maybe it has come a little early this year, but the end of the year will also not be devoid of activity.
Here at Petermans in Herne Hill, we’ll continue helping those who are ready to move now, while working with others who are looking to 2027.
Sometimes, the best Christmas present we can give is a realistic plan for the New Year.