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Rightmove Listings Going Down...

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The latest Rightmove press release tries to convince us that we have reached the bottom. They cite two main reasons:

1) The number of enquiries made to agents via the website has doubled from approx 200K to 400K. This one does baffle me.

2) The number of new listings on Roightmove is declining. Thus they argue demand is outstripping supply. They wrote “Very low level of new listings coming to market (42,000 this month compared to 89,000 in January last year) is squeezing choice, with 20% fewer resale properties advertised compared to peak in May 2008.”

WRT to the 2nd point – could it be that actually, there are more properties than ever on the market – but EAs are choosing NOT to use Rightmove.......

http://property.timesonline.co.uk/tol/life...icle4920315.ece

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WRT to the 2nd point – could it be that actually, there are more properties than ever on the market – but EAs are choosing NOT to use Rightmove.......

Quite likely, they hiked their agency listing charges by 100% or 200% last year, at the same time the EA's industry body has tried to launch a RightMove rival site with a sane charging structure.

Also RightMove charge by local office so with contraction in the number of high street EA offices obviously there is less activity especially with shared properties.

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1) The number of enquiries made to agents via the website has doubled from approx 200K to 400K. This one does baffle me.

http://property.timesonline.co.uk/tol/life...icle4920315.ece

Rightmove is currently in the middle of its biggest ever marketing campagin, TV ads, tubes, busses, weird eye logos! I would expect enquiries to rise!

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Vendors are still hibernating. Those who tried and failed to sell last year will re-market when the daffs come out, along with new sellers, in the vain hope that they can achieve 2007 prices.

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Also RightMove charge by local office so with contraction in the number of high street EA offices obviously there is less activity especially with shared properties.

What's that globrix?

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Perhaps the hits to the site are greater, because all of us HPC'ers keep going on every day for a laugh, and trying to find stupid priced posts to link here, we then of course all log in to look and laugh as well !!!!!

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EAs are simply choosing not to use Rightmove. Searches in my area with Findaproperty now give roughly twice as many hits as Rightmove; six months ago the numbers were similar.

Rightmove are going to be in trouble themselves if they can't get their act together.

Edit: Please make Property Bee work with Findaproperty.com soon, Beerhunter!

Edited by snowflux

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The latest Rightmove press release tries to convince us that we have reached the bottom. They cite two main reasons:

1) The number of enquiries made to agents via the website has doubled from approx 200K to 400K. This one does baffle me.

2) The number of new listings on Roightmove is declining. Thus they argue demand is outstripping supply. They wrote “Very low level of new listings coming to market (42,000 this month compared to 89,000 in January last year) is squeezing choice, with 20% fewer resale properties advertised compared to peak in May 2008.”

WRT to the 2nd point – could it be that actually, there are more properties than ever on the market – but EAs are choosing NOT to use Rightmove.......

http://property.timesonline.co.uk/tol/life...icle4920315.ece

From the report itself,

http://miranda.hemscott.com/static/cms/5/2...7841/320940.pdf

compare and contrast:

Rightmove saw 43,416 properties coming to the market in the last month, less than half of

the 89,110 properties measured in January 2008. The total number of resale properties

advertised on the website has decreased by over 20% since the peak in May 2008, giving

potential buyers a far more restricted choice.

Ironically the lettings market is now starting to experience similar over-supply from which

the sales market appears to be slowly emerging. As frustrated sellers have chosen to offer

their home for rent rather than sale, Rightmove has seen the inventory of properties on its

lettings website increase dramatically. Whilst unsold stock has declined from its peak in May

last year, property available to rent has increased by 37%, with around 320,000 homes

available for rent on the website.

It's difficult to get exact numbers, but it looks like roughly 40k less properties for sale, but 100k more properties available for rent.

ie total net increase in available property of 60k.

So lots of people have decided to rent in the short term 'until the market picks up again'.

Now a couple of points to bear in mind.

Firstly the rental market is very price sensitive, and will react much more quickly to supply and demand.

Secondly, the auction market has recently stabilised at approximately 50% off peak, which is clearly underpinned by professional landlords buying on a yield basis.

So all this means:

Rents are going to collapse at a sickening speed.

BTLs are going to go bankrupt, releasing both their rented properties and own homes for auction.

Rental yields are going to collapse at sickening speed.

Professional landlords are going to withdraw from the auction market.

Auction prices are going to go into freefall again.

The market may not 'pick up again' for a wee while.

This is the phoney war phase of the crash.

The whole thing will only restabilise when rents restabilise, and given the flow of new build flats still coming on to the market for the next year or so, the good Lord only knows at what level that will happen.

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Regarding increased enquiries to estate agents - didn't they redesign the page so that you can easily send a mail to all estate agents in your area? That could have doubled it.

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1) The number of enquiries made to agents via the website has doubled from approx 200K to 400K. This one does baffle me.

2) The number of new listings on Roightmove is declining. Thus they argue demand is outstripping supply. They wrote “Very low level of new listings coming to market (42,000 this month compared to 89,000 in January last year) is squeezing choice, with 20% fewer resale properties advertised compared to peak in May 2008.”

1) How many of those enquiries were HPCers making silly offers? Enquiries does not equal sales.

2) The more houses that are currently on the market, the less there are available to be put on the market. Less transactions means less people selling. The market isn't improving, it's griding to a halt.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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