Rightmove UK Housing Pulse - July edition shows political uncertainty adds to a softer market backdrop

Research evidence excerpt

Rightmove UK Housing Pulse - July edition shows political uncertainty adds to a softer market backdrop

C A Z E N O V E Europe Equity Research

10 July 2026

Rightmove Underweight

RMV.L, RMV LN

UK Housing Pulse - July edition shows political Price (09 Jul 26):436p

uncertainty adds to a softer market backdrop Price Target (Dec-27):404p

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 fell -0.5% YoY and -0.6% MoM at odds with the usual June trend and marking Lara Simpson

the biggest June drop in 14 years, as sellers seek to attract summer buyers. (44-20) 7134-3637

lara.simpson@jpmorgan.com

Affordability has improved modestly, with the average two‑year fixed rate easing to J.P. Morgan Securities plc

5.07% (from 5.18%) and market activity remains steady but softer YoY, with buyer

Thyagarajan J

demand -10% YoY and sales agreed -6% YoY, Rightmove’s recent trading update (91-22) 6157-5005

(here) underscored a continuation of year-end trends (guidance reiterated across all thyagarajan.j@jpmchase.com

metrics), while continuing to guide for H226-weighted growth with the first half of the J.P. Morgan India Private Limited

year impacted by fewer New Homes developments and the strong mortgage Carmen Graves

comparator last year. Overall, we reiterate our view that scope for both a re-rating and (44-20) 3493 0506