Traffic to Rightmove jumped immediately on yesterday’s interest rate announcement, made at noon, taking interest rates down to 3% – the lowest since 1955, when the average house cost less than £2,000.
Traffic increased by 20% between 1–2pm compared to the same period on Wednesday, as lunchtime browsers mixed properties with sandwiches at their desks. Email leads to estate agents via the site jumped by 11.3% over the same time period.
Buyers and sellers perk up at interest rate cut
07 November 2008
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Comments
The rates are down this week. What will they be doing next week?
How many sales will now be delayed or fall through while buyers wait to see if they will be able to secure a better deal? I have already had problems today
Yes-credit to the BOE for dropping rates to aid the poor economy! Right shipside....your turn! Help our economy and drop your chuffing fees!!!
John - you're absolutely right. But the rate reduction is a big step,and 1 hour's increased activity in terms people looking at property on Rightmove is a tiny step, in the right direction! It is interesting to note that LIBOR fell by about 1% yesterday - hopefully indicating that mortgage rates should fall
substantially.
Really it is pointless to take a view of the market based on 1 hours worth of statistics! Just because the Bank of England has reduced interest rates dramatically it does not mean it will fully filter down to interest rates paid by the average borrower. Interest rates in themselves are only part of the buying decission - ability to raise a deposit and confidence in having long term employment prospects are just as critical.
Correct me if I'm wrong but even if the interest rates were slashed to 0%!! first time buyers still can't get a decent mortgage without it costing the earth!! The banks should now be looking at ideas to help FTB's then we'll see some genuine activity. Just in case Rightmove start getting carried away their wonderful statistics, looking at properties on over a lunchtime sandwick is one thing, being able to buy is another.
Is it me or is it only Rightmove that Estate Agent Today seem to quote? Is there a connection which we should be told about? How about quoting some of the other dozens of portals out there
Is this Rightmove talking themselves up after seeing the growing number of disgruntled customers on your site? Kick them into touch and get onto the free sites.