|Bid||587.60 x 0|
|Ask||588.20 x 0|
|Day's Range||576.60 - 601.20|
|52 Week Range||373.10 - 710.60|
|Beta (5Y Monthly)||0.67|
|PE Ratio (TTM)||30.16|
|Earnings Date||Aug. 07, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Apr. 30, 2020|
|1y Target Est||466.31|
British biggest property website, Rightmove, said it had its busiest day on record this week, suggesting the housing market is picking up after the government eased its coronavirus lockdown for the sector in England. Rightmove said its site had more than 6 million visits for the first time on May 27, up an annual 18%. "The challenge agents are facing is handling this surge in enquiries, having a process to deliver virtual viewings, and setting up socially distanced and safe physical viewings," Rightmove's commercial director, Miles Shipside, said.
British property website Rightmove said visits to its site rose 45% on Wednesday morning compared with a day earlier after the government moved to reopen the housing market which it had effectively closed as part of the coronavirus lockdown. Email enquiries to agents rose by 70% and new listings also increased with 2,115 new properties added in five hours, Rightmove said.
The number of British people leaving their homes to go shopping has slumped by 83% since the government closed non-essential retail outlets last month to slow the spread of COVID-19, the British Retail Consortium trade body said on Monday. Separately, property website Rightmove said it was unable to provide meaningful house price data due to a collapse in the number of new homes being listed for sale.
(Bloomberg Opinion) -- The U.K. housing market — that obsession of middle-class Brits — has been placed in suspended animation. Buyers and renters have been told to delay moving home to limit the spread of coronavirus. While a few transactions are still going through, a functioning market depends on prospective buyers and surveyors being able to view people’s homes. Mobility restrictions and distancing measures make that all but impossible.Set against the loss of life caused by the virus, the anticipated collapse in housing transactions for at least the next few months is a price worth paying. Still, the knock-on effect will be severe across the sector, from the mortgage lenders obliged to offer struggling customers three-month payment holidays to the home-builders like Persimmon Plc and Taylor Wimpey Plc who’ve closed construction sites. For estate agents, struggling even before the pandemic, the standstill will be particularly painful.Boris Johnson’s government is trying to cushion the blow by suspending property taxes for businesses and paying employee wages (yes, even for real estate agents). But smaller outfits, those with weak balance sheets or those that were mismanaged before coronavirus struck, face a very difficult year. In the 2008-2009 downturn thousands of estate agents left the industry.It won’t be just those forced to shutter high street branches that face a bleak period though; while employees of digital property portals such as Rightmove Plc and Zoopla can more easily work from home, they’re being drawn into a brutal price war.With the busy spring and summer selling season poised to start, the timing of the lockdown could hardly be worse. The U.K. property market has already endured a few tepid years of because Brexit worries, stamp duty changes and high house prices that make it harder for people to purchase a home. Now the much ballyhooed “Boris bounce” after his recent election win has been extinguished and 2020 looks like being a write-off, forcing estate agents to slash costs.Countrywide Plc, the country’s biggest estate agent, was already ailing, having piled on debt to fund expansion. Shareholders recapitalized the business in 2018 via a massively discounted rights issue. Its debt covenants were also amended. Now, a takeover by rival LSL Property Services Plc has been called off; an agreed 38 million pound sale of its commercial property arm also failed to complete. Including lease obligations it still has about 194 million pounds of net debt, or almost 6 times ebitda. That’s uncomfortably high.London-focused Foxtons Group Plc is also loss-making but it has no bank or bond debt and held 15.5 million pounds of cash at the end of December. It has since drawn down a 5 million pounds credit line. However, renting office space and the ubiquitous Minis that its agents drive around consumes about 12 million pounds annually, so it too must slash costs. Besides rent, another big outlay for agents is the cost of advertising properties for sale with online portals. On average market leader Rightmove Plc charges agents more than 1,000 pounds a month for each advertiser. Coronavirus has sparked a full-blown rebellion against such fees. Rightmove’s initial offer to defer part of those payments for six months was poorly received, forcing it to backtrack and offer a 75% discount for the next four months instead. This will cost about 70 million pounds, or about one-fifth of estimated revenues. But that’s not the end of it: Rival Zoopla, which was acquired by private equity firm SilverLake in 2018 for $3 billion, is offering agents nine months free if they quit Rightmove. On Friday Rightmove suspended its dividend and scrapped its financial guidance.Loss-making platform Purplebricks Group Plc says it plans to conduct viewings and valuations via Zoom, Facetime and Whatsapp. But its fixed-fee model (customers must pay even if their home doesn’t sell) could come under more pressure. The company is already reeling from a failed U.S. and Australian expansion. German media giant Axel Springer SE doubled its stake last year and now owns 26% of the group, but the shares have since lost about two-thirds of their value. It’s not all bad. The collapse in travel bookings has prompted people who usually let their homes on Airbnb in tourist hotpots like London and Edinburgh to advertise long term rentals instead. Eventually the wider property market should rebound, driven in part by the desire of those who are presently housebound deciding they really do need a bigger home or more green space.Yet the pace of that rebound, and the outlook for prices, will depend on whether government succeeds in preventing the temporary shock of coronavirus wreaking permanent economic damage. As elsewhere, unemployed Britons will be less inclined to purchase a home, and banks could tighten lending standards. Estate agents that survive the current drought will have to work even harder for their fees.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
To the annoyance of some shareholders, Rightmove (LON:RMV) shares are down a considerable 42% in the last month. Even...
Rightmove said it was discounting customers' invoices by 75% for the next four months, leading to a hit of 65 million pounds-75 million pounds to its revenue this year. The impact from the coronavirus comes just as the British housing market, which had been subdued for the past four years due to Brexit-related uncertainty, was beginning to show signs of recovery. "A spike in the number of property transactions falling through has clearly got Rightmove worried and it's taken the decision to sacrifice profits in the short term to help customers keep their heads above water," Hargreaves Lansdown analyst Nicholas Hyett said.
Last week, you might have seen that Rightmove plc (LON:RMV) released its annual result to the market. The early...
A gauge of how Britons feel about their household finances hit its highest level on record this month, the latest sign of a confidence bounce since Prime Minister Boris Johnson's decisive election win in December. The IHS Markit Household Finance Index jumped to 47.6 in February from 44.6 in January, the highest index reading since the survey began 11 years ago. "Our latest Household Finance report signals a number of developments that should keep the Bank of England doves at bay and build optimism towards the UK's immediate economic prospects," Joe Hayes, an economist at IHS Markit, said.
Asking prices for British houses put on sale have extended a rise which began after Prime Minister Boris Johnson's election victory in December, property website Rightmove said on Monday. Rightmove said average asking prices of property marketed between Jan. 12 and Feb. 8 rose by a monthly 0.8%, slower than a 2.3% jump in the previous Rightmove report but enough to take prices close to their all-time high. "It's the first time for over a year that we have seen any sign of a return of seller confidence, albeit lagging behind the surge in numbers of early-bird buyers," Miles Shipside, Rightmove director, said.
British households grew more confident about their finances and a measure of house prices rose by a record amount for January, according to surveys which added to other signs of a brightening mood in the economy since last month's election. Ten days before the Bank of England decides whether to cut interest rates, the surveys published on Monday suggested that some of the uncertainty that has weighed on the economy has lifted after Prime Minister Boris Johnson's big election win. IHS Markit, a data firm, said its Household Finance Index rose to a one-year high of 44.6 in January from 43.2 in December, chiming with other sentiment surveys from both businesses and consumers that have shown an increase in optimism.
British numbers were dismal last week. On Friday, retail sales declined by 0.6%. The pound is showing signs of weakness, as it has slipped below the symbolic 1.30 level. Is cable headed for further losses?
Asking prices for British houses put on sale in the five weeks to Jan. 11 rose by a record amount for the time of year, property website Rightmove said on Monday, adding to signs of a post-election bounce in consumer and business confidence. Britain's Royal Institution of Chartered Surveyors and major mortgage lender Halifax have both reported stronger-than-expected housing market activity since Prime Minister Boris Johnson's election victory on Dec. 12. Business surveys from Deloitte and IHS Markit have also perked up, as the election result ensures there will be a smooth departure from the European Union on Jan. 31 and no industry renationalisation by the opposition Labour Party.
The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put...
The number of British people looking to move house jumped sharply in the four days that followed last week's election, during what is normally a quiet time of year for the housing market, property website Rightmove said on Thursday. Rightmove, whose asking price data is used as an early guide to house price trends, said demand from prospective buyers between Dec. 13 and Dec. 16 was 28% higher than over the equivalent period in 2018. "We often see a spike following an election, but it's more surprising this year given the seasonal slowdown," Rightmove's commercial director, Miles Shipside, said.
Asking prices for British houses fell this month by the smallest amount for any December since 2006, a survey showed on Monday, pointing to some upside for a housing market subdued by Brexit and election uncertainty. Rightmove said asking prices, which are not seasonally adjusted, fell by 0.9% on a monthly basis after a bigger-than-normal 1.3% drop in November. The figures follow British Prime Minister Boris Johnson's landslide victory in a national election last week in which he won a majority in parliament that surpassed the expectations of most analysts and investors.
UK's most-viewed home: a footballer's pad or stately house?Rightmove’s annual top-five properties include a Downton Abbey-like castle and a star striker’s Towie pile
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios...
Fisher was executive chairman of the Shazam, UK-based app that lets users identify songs by pointing a smart phone at the audio source, when Apple Inc <AAPL.O> reached a deal to buy it in 2017. Fisher, who is also on the board of Rightmove rival Moneysupermarket.com Group <MONY.L>, will join Rightmove in January as Forbes is set to retire from the board at the end of 2019.
Investing.com -- Here is a summary of regulatory releases from the London Stock Exchange on Friday, 22nd November. Please refresh for updates.
Fall in UK house prices as election keeps homes off the market. Number of properties for sale dropped 15% in November – the fastest rate since 2009
The number of properties put up for sale in Britain has fallen by the most in any month in more than 10 years as the combination of Brexit and an election weighs on the market, a survey showed on Monday. There were 14.9% fewer properties put on sale in the four weeks to Nov. 9 than in the same period last year, property website Rightmove said. "I've seen lots of unusual events affecting the property market in my 40-year career, but a Brexit deadline followed by a snap general election six weeks later is obviously a new combination," Miles Shipside, Rightmove director, said.
Investing.com -- Here is a summary of regulatory news releases from the London Stock Exchange on Monday, 11th November. Please refresh for updates.