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Going down: Rightmove new listings hit four-year low for this time of year
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Original Source: Property Eye
Original Author: Rosalind Renshaw.
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The number of properties listed on Rightmove this month is at its lowest level since 2013, research shows.
The Rightmove House Price Index, released on Monday, focused on the first asking price decline in June since 2009.
But one savvy EYE reader has found that the portfolio of listings has also drastically dropped.
Rightmove says its index encompasses 90% of the market. Monday’s report said 109,141 properties were measured.
But EYE reader PeeBee got his research hat on to find how the number of listings compared with previous years.
Going back to 2013, he found there were 115,883 listings in June 2013, increasing to 126,541 in 2014 and then falling to 119,186 in June 2015 before bumping back up to 149,560. But this month’s figure of 109,141 marks the lowest for four years.
The number of listings reflects a trend since the EU referendum last June.
Listings fell to 113,663 in July 2016 and 110,501 in August 2016 before going back up to 131,323 in September 2016.
They then dipped again in October to 110,008 and to 97,177 in November. December was no better, with listings at 80,695, followed by 62,395 as the new year hit in January 2017.
February offered some hope with listings increasing to 130,114, before slipping to 112,221 in March and bouncing back to 148,140 in April.
Listings began falling again in May to 111,625 when in the past two years they have typically been around 120,000.
So much for the spring bounce?
A Rightmove spokesman put the emphasis on new, rather than overall listings, saying: “We use a weekly run rate of new listings. They’re 0.3% lower than last year but 2.3% higher than June 2015.”
http://www.propertyindustryeye.com/rightmove-listings-hit-four-year-low-for-june/
