Booming Rightmove sees housing slowdown
Property website Rightmove today reported booming profits but warned of a sharp slowdown in the London housing market.
It said it expected house prices to rise far slower in the coming 12 months than the 20% growth of the last year as higher interest rates take their toll.
Commercial director Miles Shipside also said the fact that 'ordinary Londoners' are being priced out of the market means price growth will cool.
'The London boom is coming to an end and prices are becoming more in line with the rest of the country,' he said.
However, Shipside said the top end of the London market, where homes cost upwards of £5m. will not be hit by higher mortgage costs.
Demand from wealthy businessmen and foreigners moving to London will fuel the market, he said.
Rightmove posted a 68% rise in revenues to £25.4m and a 60% increase in profits to £13.2m.
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