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UK property prices rise by least since January - Rightmove

06/19/2022 | 07:15pm EDT
FILE PHOTO: An estate agent's board is displayed outside a house on a terraced street in Blackburn

LONDON (Reuters) - Asking prices for British homes being put up for sale rose by the smallest amount since January this month, as the rising cost of living and the prospect of higher interest rates squeezed home-buyers, property website Rightmove said on Monday.

Rightmove said asking prices for homes put on sale between May 15 and June 11 were 0.3% higher than a month earlier, down from a 2.1% rise in its May data.

Compared with a year earlier, asking prices are up 9.7%, less than the 10.2% increase recorded for May.

"The exceptional pace of the market is easing a little, as demand gradually normalises and price rises begin to slow, which is very much to be expected given the many record-breaking numbers over the past two years," Rightmove director Tim Bannister said.

Rightmove expects price increases to slow further over this year, to give a 5% annual rise.

Earlier this month Bank of England Deputy Governor Jon Cunliffe said the property market appeared to be slowing, reflecting broader weakness as the public faced the highest consumer price inflation in 40 years.

The BoE has raised rates five times since December to 1.25%, and financial markets expect them to hit 3% by the year's end.

House prices surged in Britain and many other Western countries after the initial onset of the COVID-19 pandemic, as many richer households had spare disposable income and sought more spacious housing for working from home.

Other house price measures from Nationwide Building Society and Halifax have also cooled from recent peaks, though year-on-year price gains remain high.

Rightmove said the number of prospective buyers per home on offer was still more than double its level before the pandemic - and 6% higher than a year ago - but had dropped by 8% over the past month.

In a sign of the bottlenecks affecting many parts of Britain's economy, Rightmove said the legal conveyancing process for buying a home now took an average of five months, 50% longer than in 2019.

(Reporting by David Milliken, editing by Andy Bruce)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.66% 0.58267 Delayed Quote.9.40%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.32% 0.643372 Delayed Quote.10.33%
EURO / BRITISH POUND (EUR/GBP) -0.01% 0.84529 Delayed Quote.0.65%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.56% 0.010409 Delayed Quote.4.34%
NATIONWIDE BUILDING SOCIETY 0.00% 140 Delayed Quote.-25.93%
RIGHTMOVE PLC 0.71% 656.6 Delayed Quote.-17.99%
US DOLLAR / BRITISH POUND (USD/GBP) 0.59% 0.829586 Delayed Quote.11.53%
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Sales 2022 331 M 401 M 401 M
Net income 2022 197 M 239 M 239 M
Net cash 2022 43,9 M 53,2 M 53,2 M
P/E ratio 2022 28,2x
Yield 2022 1,26%
Capitalization 5 439 M 6 594 M 6 594 M
EV / Sales 2022 16,3x
EV / Sales 2023 15,0x
Nbr of Employees 614
Free-Float 98,1%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 652,00 GBX
Average target price 666,91 GBX
Spread / Average Target 2,29%
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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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