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Don’t Panic On Homes Slowdown, Says RightmoveRightmove, Britain’s biggest property website, has moved to dispel fears over the housing market by insisting that although price growth has been slowing, there is no reason to panic. Ed Williams, its managing director, said that although affordability was becoming more of a problem for potential homebuyers, the housing market was going through a “typical soft landing”. Mr Williams said: “There is a slowdown in the housing market, but it’s something we do not believe is anything like as traumatic as in some reports. It has been slowing down in areas outside of London for a year, so it’s a typical soft landing.” Nationwide, Britain’s biggest building society, said yesterday that there had been a collapse in new buyer inquiries and that the Bank of England was unlikely to push interest rates up to 6 per cent. This month, Rightmove sparked some of the panic by showing that asking prices in London had fallen for the first time in a year - albeit by only a 0.1 per cent drop. Miles Shipside, Rightmove’s commercial director, said that he expected house price growth “in the single digits” across the UK next year. He said: “A slowdown is good for the long-term health of the market - affordability needs to come back.” He indicated that Rightmove believed that rates had risen far enough. “The five increases so far appear to have had the desired effect,” he said. Britain’s top 15 estate agents now advertise on the Rightmove website, as do 19 of the top 20 developers. Rightmove reported half-year results showing that its underlying operating profits in the six months to June 30 rose by 60 per cent to £13.2 million on revenues of about £25.4 million, up 68 per cent. Visits to Rightmove.co.uk are up by 58 per cent year-on-year at 24.3 million per month. The group has moved to increase its revenue by introducing initiatives such as Rightmove Choice, which lets estate agents tailor their advertisements to attract buyers. Revenue per advertiser per month is up 29 per cent at £234 and the number of advertisers is up 26 per cent at 18,514. Rightmove’s shares closed up 16p at 578½p. It floated at 335p last year. Tag CloudExternal InformationAdditional InformationMistrial Rejected in Pellicano Case...EU may declare Bank’s £50bn money market rescue ’Out’... Seeking the next winner... Home Depot Sells a Unit That Never Fit... Where Am I?News Main Page - Business - Don’t Panic On Homes Slowdown, Says Rightmove |
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