Rightmove, which for many years has published a heavily-publicised monthly monitor of asking prices of homes on sale, is now extending its indexing work to the lettings sector.
Just as its sales index covers asking prices, so its Rental Trends Tracker - revealed this morning for the first time - is compiled from the asking rents of properties coming onto the market on the Rightmove portal.
The scale of Rightmove’s database - and the potency of the portal’s PR machine - makes this a high profile initiative by the website in the continuing ‘portal wars’ battle; both Rightmove and Zoopla have emphasised their ‘consumer-facing’ information.
In its first rental index, covering the second quarter of 2015, Rightmove measured 249,357 asking rents on properties were advertised on the portal. Some 11,270 properties have been excluded because of anomolies - amongst those removed are all short let properties.
With every Rightmove sales and lettings index, it includes the views of at least one agent on the accompanying press release. For the first lettings index it has included the comments of Zoe Rose, head of London lettings at Strutt & Parker - one of the high-end agencies that founded Agents’ Mutual.
The first results from its quarterly rental tracker are summarised here.