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    RMV   GB00BGDT3G23


Delayed Quote. Delayed London Stock Exchange - 09/23 11:35:06 am
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Rightmove : House prices surge 5.7 per cent to reach another record high

07/19/2021 | 03:31am EDT

Property prices have reached another record high, highlighting that demand in the housing market is still running hot, new figures released today reveal.

The average price of a property coming to market jumped 5.7 per cent annually to £338,447 in July, according to property search site Rightmove.

Prices rose 0.7 per cent over the last month, easing slightly from 0.8 per cent in June. Monthly price gains shows that demand is still running hot in the housing market despite July being the first month of the stamp duty holiday taper.

Read more: UK house prices swell 10 per cent year-on-year

The price increase has been driven by a shortage in available properties as prospective buyers rushed to snap up houses before the stamp duty holiday tapered at the end of June.

Rightmove’s research showed demand for larger properties was high, illustrating that consumer preferences have switched toward favouring houses with more space and gardens.

Homes with four beds or more are facing biggest supply imbalance due to a 39 per cent increase in sales and 15 per cent fall in numbers coming to market versus 2019, resulting in an average price hike of 6.7 per cent in the last six months.

Three bed sales saw a 28 per cent increase in sales and a 10 per cent fall in new supply versus 2019, triggering a 6.9 per cent rise in prices.

Marc von Grundherr, director of estate agent Benham and Reeves, said: “The UK property market continues to defy expectation, with house prices reaching yet another record high despite whispers of a decline in values as a result of the tapered stamp duty holiday deadline.”

“There’s no doubt the stamp duty holiday has been the catalyst for this impressive market performance.”

Property sales to reach record high

Rightmove expects the volume of property purchases in the first half of the year to hit around 800,000, topping the previous record high of 795,000 for this period set in 2007.

Tim Bannister, Rightmove’s director of property data, said: “We predict that the number of completed sales will be the highest ever seen in a single month when June’s data is released.”

“This means it’s likely that the first half of 2021 has seen a record number of moves when compared with the first six months of any other year, induced by the pandemic’s side-effect of a new focus on what one’s home needs to provide.”

Read more: House sales drop by over half as stamp duty holiday winds down

The post House prices surge 5.7 per cent to reach another record high appeared first on CityAM.

© City AM, source Newspaper

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Analyst Recommendations on RIGHTMOVE PLC
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Sales 2021 302 M 414 M 414 M
Net income 2021 178 M 245 M 245 M
Net cash 2021 75,6 M 104 M 104 M
P/E ratio 2021 35,8x
Yield 2021 1,01%
Capitalization 6 337 M 8 703 M 8 698 M
EV / Sales 2021 20,8x
EV / Sales 2022 19,1x
Nbr of Employees 560
Free-Float 97,8%
Duration : Period :
Rightmove plc Technical Analysis Chart | RMV | GB00BGDT3G23 | MarketScreener
Technical analysis trends RIGHTMOVE PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 19
Last Close Price 743,00 GBX
Average target price 657,17 GBX
Spread / Average Target -11,6%
EPS Revisions
Managers and Directors
Peter Brooks-Johnson Chief Executive Officer & Executive Director
Alison Dolan Chief Financial Officer & Director
Andrew Fisher Non-Executive Chairman
Jacqueline de Rojas Senior Independent Non-Executive Director
Andrew Robert Findlay Independent Non-Executive Director
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