Rightmove anticipates improvements in the UK property market this year and expects a slight increase in its customer base compared to 2023.
The UK’s leading property portal now projects a 2% annual increase in customer numbers, revising its initial prediction of a slight decline. Despite challenges from persistent high mortgage rates and extended transaction completion times, the company notes that customers are increasingly eager to make transactions.
From January to April, sales agreements were up 17% over the same period last year, with forecasts suggesting 1.1 million sales throughout 2024. According to Rightmove, its house price index shows an annual growth of 1.7% in house prices, the highest in 12 months.
These statistics were disclosed in a trading update on Friday before Rightmove’s annual shareholder meeting. This data corroborates an analysis by Halifax earlier in the week, indicating that house hunters are adjusting to a significantly changed market from a few years ago.
Amanda Bryden, head of mortgages at Halifax, commented on Wednesday that the housing market is “finding its feet in an era of higher interest rates.”
