There's definitely going to be a rush to snatch up the first batch of houses, since everyone knows that they're opening up on Christmas. I don't think that Blitz would have any trouble getting his plot back, though, since he'd be the only one that would know exactly when it will be relinquished. Unless there's like a server wide message that says, "Mist Ward 5, plot 27 is now available!"
That said, if you did decide to go the relinquish route, I'd be on and ready for the moment the house gets auto-relinquished, so that you can snatch it up before anyone realizes it's available. If it becomes available at 6am, and you don't log on until 6pm, there's a strong possibility that it will be take, even if no one got advance warning.
Also, SE may add a feature that lets you choose to relinquish your property manually, but I wouldn't hold your breath for that one. At the pace SE usually puts in basic features like that, we'll be lucky to see it before 2017, if they even plan on putting it in at all.
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