Tuesday, 20 January 2009

Rightmove agrees with my housing market forecast.

Nice to see Rightmove coming on board for a housing market bottom later this year as I am forecasting.

Actually it is slightly worrying me because Rightmove has consistently overestimated house price growth. They have the usual vested interest in the housing market being buoyant and so cannot be relied upon to give impartial forecasts. Maybe I should revise my forecast downwards now. We'll see.

Interesting that they have seen only 43416 new listings in January 2009 compared to 89,110 in January 2008. I wonder how many estate agents are now not using Rightmove to advertise properties in a bid to cut costs.

From my use of property bee I estimate that at least 1 in 3 of these 'new' listings is just the estate agents changing the details slightly. I then get an e-mail from Rightmove with details of 'new' properties to buy, which contains the old properties with a slight amendment to the details.

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