Rightmove UK Housing Pulse - May edition signals an uncertain outlook amid weakening indicators

Research evidence excerpt

Rightmove UK Housing Pulse - May edition signals an uncertain outlook amid weakening indicators

C A Z E N O V E Europe Equity Research

15 May 2026

Rightmove Underweight

RMV.L, RMV LN

UK Housing Pulse - May edition signals an uncertain Price (14 May 26):408p

outlook amid weakening indicators Price Target (Dec-27):489p

Together with J.P. Morgan’s UK Housebuilders and UK Banks research teams, we European Internet

ACpublish the latest edition of the UK Housing Pulse – a monthly publication of key Marcus Diebel

trackers for the market, covering housing transactions, prices and related forward (44-20) 7742-4447

indicators (including agent activity trends), as well as mortgage rate developments marcus.diebel@jpmorgan.com

and affordability metrics (here). For a read on Rightmove, average new seller asking J.P. Morgan Securities plc

prices were down 0.9% YoY but up 0.8% MoM in April. Mortgage affordability has Lara Simpson

tightened materially, with the average two‑year fixed rate at 5.42% (vs 4.25% pre-Iran (44-20) 7134-3637

lara.simpson@jpmorgan.com

conflict). Supply remains elevated (stock per agent 62; c.1% below 2025 and +13% J.P. Morgan Securities plc

vs 2024), reinforcing the need for competitive pricing, while liquidity improved

Thyagarajan J

modestly with time to secure a buyer at 62 days in April. From a stock perspective, (91-22) 6157-5005

Rightmove’s recent trading update (here) underscores a continuation of year-end thyagarajan.j@jpmchase.com

trends, with a reiteration of guidance across all metrics, while continuing to guide for J.P. Morgan India Private Limited

H226-weighted growth with the first half of the year impacted by fewer New Homes Carmen Graves

developments and the strong mortgage comparator last year. Overall, we maintain our (44-20) 3493 0506