Rightmove (LON: RMV) indicates a drop in asking prices for houses

  • January 18, 2021 09:28 AM GMT
  • Team Kalkine
Rightmove (LON: RMV) indicates a drop in asking prices for houses


  • The asking price in the UK declined by 0.9 per cent, revealed the Rightmove report
  • There was also a slowdown in the annual growth rate

Rightmove plc (LON: RMV), the largest national online property portal, has revealed that the asking prices in the UK have plummeted by 0.9 per cent on a month-on-month basis for the period from 6 December to 9 January.  The annual pace of growth slowed down from 6.6 per cent in the previous month to 3.3 per cent, it has stated. 

The asking prices are witnessing a drop as the sellers try to complete the transactions before the stamp duty holiday ends on 31 March. There are currently 613,000 deals in the pipeline. However, Rightmove expects that around 100,000 transactions will fully close after the tax reduction on the house buying ends.

(Image source: ©Kalkine Group 2020)

UK Chancellor Rishi Sunak had announced a temporary increase in the stamp duty holiday in July 2020 to £500,000 from £125,000 until 31 March so that it can help in the economic recovery during the coronavirus pandemic. 

The Rightmove report also revealed that there was a 12 per cent increase in the number of buyers contacting agents and a surge of 9 per cent in the sales agreed in January so far in comparison with December 2019 data. 

Tim Bannister, director of property data at Rightmove, said that the main difference between the initial lockdown in March and the current one is that the housing market remained functional this time, hence, the changing housing priorities needs could be implemented much more readily. 

A contradictory picture  

On 8 January, Rightmove said that it had recorded its busiest ever start to the year as there was a 30 per cent increase in the site visits between 2 and 6 January in comparison with the previous year.  

Rightmove recorded 6 million daily site visits this month with continuous growth in activity in England and Scotland. The data also revealed that there was an annual rise in people contacting agents about buying property by 11 per cent as compared to January 2020, and a 22 per cent surge in people who enquired about a property to rent. 

The year 2020 in review 

Despite concerns related to Brexit and the rising threat of a double-dip recession, the house prices in the UK have remained resilient in recent months after the easing of the first lockdown. 

According to a report published by Britain’s biggest mortgage lender Halifax on 8 January, the average price of a house in the UK closed above 6 per cent in 2020 than in 2019, recording a new high of £253,374 in December.

However, it also warned that the growth was slowing and there might be a fall in prices in the coming months. 

Related Read: Halifax Says Growth in House Price Is Slowing Down After the Boom 

Outlook of UK property market for 2021 

Before 2020 ended, Rightmove projected a strong 4 per cent rise in the national average house price in 2021 as the evidence suggested that people will continue to prioritise their housing needs.  

But it also said that the growth in price for newly marketed properties will move at a slower pace in 2021 as compared to the last year. 


The website https://kalkinemedia.com/uk is a service of Kalkine Media Ltd (Kalkine Media), Company Number 12643132. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK