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September 3, 2007

Rightmove – a crash isn’t looming

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by Kay Mitchell

Rightmove – a crash isn’t looming

Rightmove, the UK’s biggest property website, insisted that a crash in the housing market isn’t forthcoming in spite of affordability becoming an issue for prospective home buyers.

A spokesperson for Rightmove said there is a slowdown in the housing market but nothing like some reports are stating. However, in early August, Rightmove triggered some of the worry by illustrating that asking prices in the capital had dropped for the first time in 12 months, albeit only a 0.1% fall.

Rightmove’s commercial director expects house price growth to be in single figures throughout the next 12 months and that a slowdown would be beneficial for the market in the long-term as affordability needs to return. In addition, rates have gone too far already and the 5 increases have had the desired effect.

Furthermore, the UK’s biggest building society, Nationwide, highlighted that there has been a fall in new buyer enquiries and that the Bank of England is unlikely to push interest rates up to 6%.

All of the UK’s top 15 estate agents now advertise their properties on the Rightmove website, as well 19 of the country’s top 20 developers. Visits to Rightmove.co.uk are up 58% year-on-year at 24.3 million per month.


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