Rightmove PLC (LSE:RMV) has laid out upbeat expectations for the UK housing market over the coming year.
Sales agreed so far are up 17% year on year, Rightmove said on Friday, while latest house price index readings show a 1.7% annual increase, marking the fastest growth in 12 months.
“Overall, we continue to expect a better year for the UK property market in 2024 than in 2023,” chief executive Johan Svanstrom said.
“Within that, we see different dynamics across the many segments that we serve, with particular strength in resales.”
Sellers and buyers are “now increasingly looking to transact,” the group added, with a total of 1.1 million transactions expected this year
Higher mortgage rates continue to bite, Rightmove said, while completion times also remain lengthy at an average of five months
Rental listings are up 18% over the year so far, with rents climbing 7.6% and agents typically seeing 14 leads per property.
Some 50,000 properties will need to return to the market to bring the supply of rentals in line with pre-pandemic figures, according to Rightmove.
Highlighting an increase in net membership among estate agents and new developments on its site, Rightmove reiterated full-year guidance for a 7-9% growth in revenue.
Customer numbers should grow by 2% in the meantime, against previous guidance for a decline.