Posts by Rightmove
Rightmove: Rents hit new record, as average property receives 17 enquiries
Average advertised rents outside of London rise to a new quarterly record of £1,314 per calendar month (pcm), now 7% higher than last year (£1,231 pcm) London rents have also risen to a new record of £2,661, now 4% higher than last year (£2,567 pcm), with rent growth steadily slowing since the peak of 16%…
Read MoreRightmove reaction to the latest inflation figures
Matt Smith, Rightmove’s mortgage expert said: “As we get closer to the likely Base Rate cut, stability in the economy is exactly what we need to keep plans on course. Although there is debate around the timing of the first Base Rate cut due to concerns around service inflation, it is looking increasingly likely that it…
Read MoreRightmove House Price Index 15th July 2024
Political certainty and potential rate drop bode well for Autumn market Average new seller asking prices drop by 0.4% (-£1,617) this month to £373,493, a bigger July drop than usual, as new sellers try to cut through the distractions of the General Election, sporting events and summer holiday season with a tempting price Market activity…
Read MoreRightmove’s weekly mortgage tracker 11th July 2024
Headlines The average 5-year fixed mortgage rate is now 4.97%, down from 5.91 % a year ago The average 2-year fixed mortgage rate is now 5.35%, down from 6.42% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.97%, down from 5.90% a year ago The average 60% LTV 5-year…
Read MoreRightmove comment on Labour election win
Commenting on the election result, Tim Bannister, Rightmove’s property expert said: “The certainty of having the next government in place will be good for the market, and we wait to see the housing policies that are prioritised. We can see in our data that in previous election years, there has been a slight bounce in home-mover…
Read MoreAverage 5-year fixed mortgage rate dips below 5%: Rightmove’s weekly mortgage tracker
This week, the average five-year fixed mortgage rate dips below 5% for the first time since the beginning of May. Headlines The average 5-year fixed mortgage rate is now 4.99%, down from 5.68 % a year ago The average 2-year fixed mortgage rate is now 5.37%, down from 6.17% a year ago The average 85%…
Read MoreRecord rents as 120,000 rental homes needed for normal price growth
Average advertised rents have reached another new record of £1,316 per calendar month outside of London, and despite the pace of rent growth easing, are now 7% higher than last year In London, average rents are now £2,652 per calendar month Rightmove’s analysis shows that approximately 120,000 more rental properties are needed on the…
Read MoreRightmove’s weekly mortgage tracker + reaction to rate cuts
Matt Smith, Rightmove’s mortgage expert said: “Mortgage rates this week have slightly reduced compared to last week, as lenders are starting to respond to recent positive news about the UK economy and the prospect of the first base rate reduction later in the summer. As we’ve seen some high-profile rate cuts from high street lenders this…
Read MoreAverage first-time buyer mortgage payment up 61% since last election
Rightmove’s latest first-time buyer study highlights that the average first-time buyer mortgage payment has risen by 61% since the last election year of 2019, from £667 to £1,075 per month as rates remain elevated The average first-time buyer mortgage payment has significantly outpaced wage growth, which is up by 27% over the same five-year period…
Read MoreRightmove reaction to inflation data & latest mortgage rates
Matt Smith, Rightmove’s mortgage expert said: “Hopefully today’s inflation drop is the first step on the journey towards lower mortgage rates in the second half of the year. Market expectations are still that the first Bank of England rate cut is more likely to be later in the summer rather than tomorrow, but at least today’s…
Read MoreRightmove House Price Index 17th June 2024
Market maintains momentum despite more tentative top-end The average price of property coming to the market for sale drops by just £21 this month (0.0%) to £375,110 after reaching a record high in May, as prices in June follow their familiar seasonal pattern of recent years and remain flat: Less expensive and more northerly…
Read MoreRightmove reaction to this morning’s housing policies
In response to this morning’s proposed housing pledges, Tim Bannister, Rightmove’s property expert said: “It’s good to see housing get more focus and attention. Some of the proposals announced this morning sound like a start, but there’s still scope to go further in helping the majority of first-time buyers or removing barriers to movement. “Stamp…
Read MoreRightmove comment and data in reaction to mortgage guarantee scheme + stamp duty
Rightmove comments on Labour’s proposed mortgage guarantee scheme and the Chancellor’s comments on Stamp Duty. Tim Bannister, Rightmove’s property expert said: ‘We welcome policies and innovations which are trying to help more first-time buyers onto the ladder. However we know from our own research that policies like the mortgage guarantee scheme have limitations, and…
Read MoreRightmove’s weekly mortgage tracker 5/6/24
With the election called for July 4th, Matt Smith, Rightmove’s mortgage expert suggests a review of mortgage affordability criteria could help: “There’s an opportunity to unlock greater affordability in a responsible way, which could help more first-time buyers get on the ladder. First-time buyers are already taking out longer mortgage terms and lender innovation has…
Read MoreRightmove reaction to lack of housing discussion in first live TV debate
In response to the extremely limited housing policy discussion in last night’s TV debate, Rightmove’s property expert Tim Bannister said: “At a time when house prices and rents are at record highs, it’s really disappointing to see that housing barely got a look in during last night’s debate. People need to hear much more about…
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