Rightmove Results Confirm Strong Housing Market
This morning Rightmove produced its half year results to the stock market and had given a good insight into exactly how strong the housing market is.
From a conveyancers perspective Rightmove has over 940,000 properties listed on its portal and is as good a bell weather of the housing market as you are going to get.
The report states:
“Home hunter demand has been strong since our customers started re-opening their businesses from 13 May, supported by changes in consumer needs and the recent announcement of temporary stamp duty holidays across the UK. Since 13 May we have recorded 65 days beating Rightmove’s previous traffic record set on 19 February 2020. Between 1 June and 31 July demand for sales properties has been 50% higher than the same period in 2019 with rental demand being over 20% higher.”
Peter Brooks-Johnson, Chief Executive Officer, said:
“Following the reopening of the housing market on 13 May housing market activity is at record levels, with evidence of new home hunters coming into the market with changing needs as they reassess their priorities and further incentivised by the temporary stamp duty holiday. Rightmove has extended its lead as the place home hunters turn to first for their move. It’s quite incredible that 65 of our record days have been since 13 May. I’m pleased that our customers are choosing to invest in our digital solutions to take advantage of this record demand.”
The report also indicated risks associated with a second wave and uncertainty as to how long the heighted housing market activity will continue.