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Rightmove: Demand surges 50 per cent after housing market reopens

Property platform Rightmove said demand was up 50 per cent in June and July as potential buyers sought new homes after months spent in lockdown.

Rightmove’s share price jumped 8.93 per cent to 629.4p this morning after the company reported a bounce in activity after the housing market reopened.

The figures

In the six months to 30 June revenue fell 34 per cent to £94.8m, after Rightmove offered a 75 per cent discount to customers between April and June.

Operating profit plunged 43 per cent, from £108.2m to £61.7m.

Basic earnings per share also fell 42 per cent, to 5.7p, and the average revenue per advertiser dropped 34 per cent to £712.

Rightmove did not announce an interim dividend.

However, between 1 June and 31 July demand for sales properties has been 50 per cent higher than the same period in 2019. Rental demand is up 20 per cent.

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Why it’s interesting

Rightmove said the jump in activity is partially due to pent up demand as the UK emerged from its coronavirus lockdown.

However, it also said that some buyers have decided to move following months at home during lockdown. Seperate research has previously suggested that more buyers are searching for properties with gardens and outside of city centres.

“Rightmove data suggests that the significant increase in activity is being driven not only from the pent up demand from the period of lock down, but an increased number of home hunters who have decided to move following the experience of lock down,” the company said.

By Jessica Clark

Source: City Am

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UK homeowners spend £4,000 on renovations during lockdown

UK homeowners have typically spent just over £4,000 on renovating their properties since the lockdown began in March, the Renovation Nation Report from money.co.uk has revealed.

Garden upgrades (34%) top a list for the most popular lockdown renovation projects, closely followed by the living room (23%), bedroom (22%) and kitchen (22%).

Almost a quarter (24%) stated they have used money originally intended for a holiday to finance their new home improvements, which is second only to general savings (26%).

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Salman Haqqi, personal finance expert at money.co.uk, said: “While many have struggled with the impact of lockdown restriction on their finances, our research found that having to spend more time at home has inspired almost two-thirds (65%) of homeowners to invest in renovations to their properties.

“Almost three quarters (73%) of the property owners we spoke to said they will continue to stay home as much as possible even with lockdown easing, it looks like the trend for investing in homes looks set to continue.

“For those looking to renovate or improve their homes, they will need to balance short term wishes with long term gain. The financial impact of investing in your home should always be a concern and ensuring you add value to your home through the work you do to the property is essential.”

BY RYAN BEMBRIDGE

Source: Property Wire