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Feb 3 2023, 07:00 GMT
Disruptive Technology
January UK housing snapshot: eve of destruction
- Companies : OnTheMarket plc | Rightmove plc | Purplebricks Group plc
DAVY VIEW
The UK housing market continues to deteriorate, the damage wrought by September’s mini-budget resulted in a faster contraction, leading to another meaningful fall in approvals in December (which are now running 47% below the long-run average). This sets the scene for a tough 2023. Estate agent models are feeling the chill winds of greater competitive intensity as the market opportunity shrinks – we will monitor branch numbers from here, to understand whether the down draught will impact the property portals.
