Monthly views on the UK’s leading online asset portal have fallen by 18% over the past year, due to the effect of emerging loan rates.
The most recent study conducted through a comparison of real estate agents, GetAgent. co. uk, looked at the year-on-year increase in the number of monthly visitors to the leading online asset portal in 21 other countries to see how the foreign property market has responded to widespread economic uncertainty. and the growing burden of real estate mortgages.
Change has been calculated by measuring visits during the month of September 2022 against those in October 2023.
Data shows that here in the UK, the credit crunch has impacted the asset market from the early stages of the buying process, with the average number of monthly visits to Rightmove falling by 18% over the year.
But in the UK we remain one of the most ambitious owning countries in the world, with 96 million visits to Rightmove in a single month, followed by the US (319. 7 million visits to Zillow), where, of course, the population is particularly larger. .
The annual reduction that we’ve seen in the UK is mirrored across 16 of the 20 other nations covered by the research.
The countries where visits decreased more than the United Kingdom were Belgium (-37%), China (-27%), Portugal (-27%) and Turkey (-24%).
But annual declines were recorded in countries such as Sweden (-16%), the United Arab Emirates (-11%), Ireland (-8%), Canada (-7%) and the United States (-5%).
Only 4 countries recorded monthly visits to the portal during the year: Brazil (15%), Italy (6%), the Czech Republic (6%) and Poland (5%).
The UK portal has split
Here in the UK we have three main asset portals: Rightmove, Zoopla and On The Market (OTM).
Between them, they got 429. 4 million visits in the 3 months (August to October 2023).
Rightmove is through the most visited portal, absorbing 67. 1% of those visits, followed by Zoopla (21. 7%) and OTM (11. 2%).
GetAgent. co. uk co-founder and CEO Colby Short commented: “It’s no surprise that visits to the portal have declined over the last year. The market has slowed, not collapsed, due to the economic crisis that has boosted lending rates. to degrees higher than those observed in the UK for many years.
“But home buyers in the UK are still an ambitious bunch, so they still access portals at a higher rate than almost any other country where we studied this research.
“Until recently, there were hopes that the UK government would introduce a stamp duty exemption or relief, boosting the asset market, as we saw when vacancies occurred in the first wave of the COVID-19 pandemic.
“But ultimately, Jeremy Hunt’s downfall came without any mention of such a tax cut, meaning the downward trend in visits to the portal could continue, at least until the first few months of 2024. “