02 August 2009

Rightmove has recorded its busiest ever week, with 134 million pages viewed during the week ending July 11th. The record week was also followed up on Tuesday July 22nd by the highest number of pages viewed on a single day for Rightmove since 17th March 2008 The combination of improving buyer sentiment and lack of fresh housing stock coming onto the market is driving the record traffic numbers, which were even more notable given that previous highs have traditionally been recorded in the Spring home moving period rather than the Summer holiday season. All of which will add further weight to the view that the UK property market is starting to recover. Miles Shipside, commercial director of Rightmove comments: “With more confidence that we’ve seen prices bottom out there are more buyers around. They’re finding there’s a shortage of property in popular areas and some of the best bargains have gone, so they’re visiting Rightmove more often to find the latest best deals. Those that can get mortgages in the current climate are more affluent so want to buy in the better areas, which in turn exacerbates and concentrates the supply shortages”. The latest figures from the British Bankers' Association show that the increased search activity is resulting in greater mortgage approval volumes, albeit recovering from record lows. Mortgage approvals by the major banks increased to a 15-month high in June, with 35,235 mortgages approved for house purchases in June, up from 31,919 the previous month, according to the BBA. The figures were up 65% up on the same month a year earlier. Shipside adds: “It is most unusual to hit new site traffic records at this time of year, proving there is still pent up demand. Mortgage approval levels look set to continue upwards, as long as lenders can fund the increased demand”.