Rightmove’s traffic levels have hit another high with visits in January up nearly 20 per cent on the same month last year.
In its latest monthly asking price index, the portal says it enjoyed over 127 million visits in January, with telephone and email enquiries to agents also at an all-time high of over 4.9 million in the month.
This came in a month when the portal recorded another new high, this time for the average asking price of properties coming to the market: after a chunk 2.9 per cent increase in January, the average asking figure is now £299,287.
The portal also reports a 5.0 per cent uplift in the number of new properties coming to the market compared to a year ago. New supply of typical first time buyer homes has increased most, up by nearly 10 per cent.
“Many agents reported high numbers of sales in November and December and properties selling more quickly, so it’s encouraging to see signs of replenishment of property, especially in the first time buyer sector. However, in spite of the apparent veneer of market buoyancy, those thinking of putting their property up for sale need to avoid being too optimistic with their initial asking price, as most buyers are still understandably being very selective about their future home” cautions Rightmove director Miles Shipside.
“While more properties are coming to market there is little anecdotal evidence of tax-shy landlords selling up. It is more likely made up of additional first time sellers who are either hoping to bag a buy to let investor before the April stamp duty hike, or joining others who are deciding that 2016 is their year to trade up” he says.
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Another high? Blimey, they really have been badly affected by the arrival of OTM.
In all seriousness, though, Rightmove are a colossus. Whatever you think of them, you have to tip your hat to them and admire how they've cornered the portal market so comprehensively. It does sometimes strike me that agents' dislike of RM stems from jealously - that they are angry that they didn't think of the portal thing first.
RM aren't perfect - no business is - but they do a lot of things very right. Their brand awareness is superb. When people think property, they think RM. Then Zoopla. Then maybe PrimeLocation. OTM have not, and never will, have that level of brand recognition. I'm afraid they've missed the boat on that one.
To put it bluntly, Rightmove don't even need the agents anymore. The agents need RM more than RM needs the agents, because they know buyers, sellers, landlords and renters will come to them first, just out of habit.
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