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Reversal After Breaking Its 52-Week High RightMove Plc ? listings drop

The stock of Rightmove Plc (LON:RMV) hit a new 52-week high and has GBX 5502.00 target or 40.00% above today’s GBX 3930.00 share price. The 5 months bullish chart indicates low risk for the GBX 3.74 billion company. The 1-year high was reported on Nov, 18 by If the GBX 5502.00 price target is reached, the company will be worth GBX 1.50B more.

The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 0.77% or GBX 30 on November 17, hitting GBX 3930. About 156,229 shares traded hands or 18.10% up from the average. Rightmove Plc (LON:RMV) has risen 23.74% since April 21, 2015 and is uptrending. It has outperformed by 26.28% the S&P500.

Out of 14 analysts covering Rightmove PLC (LON:RMV), 6 rate it “Buy”, 0 “Sell”, while 8 “Hold”. This means 43% are positive. Rightmove PLC was the topic in 35 analyst reports since July 29, 2015 according to StockzIntelligence Inc.

Rightmove plc is a United Kingdom-based firm engaged in operating a property portal. The company has a market cap of 3.74 billion GBP. The Company’s principal business is the operation of the Website,, which provides details of all properties available to buy or rent. It has 37.44 P/E ratio. The Company’s platform provides an online property search.

New property listings on Rightmove plummeted by 21.5 per cent across the UK in November according to an analysis made by online estate agency HouseSimple.

After three months of small rises, new property listings fell by as much as 42.6 per cent in one location - Bath - which according to Rightmove saw only 135 new properties listed in November, compared to 284 back in June.

West Midland locations Worcester and Solihull saw new property listings drop 41 per cent and 39 per cent respectively in November. 

Chichester and Salford were the only towns in the UK to see an increase in new property listings in November compared to October, with rises of 14.8 per cent and 11.6 per cent respectively.

According to Rightmove figures, Bootle and Swansea have seen the biggest swing in property supply in the past two months, with October seeing a 47.4 per cent and 36.6 per cent rise respectively compared to September - but then followed by a 35.1 per cent and 23.9 per cent fall respectively in November.

London has seen a dramatic drop in new property listings in November with supply down 21 per cent compared to October. Richmond upon Thames was worst - down almost a third (31 per cent) while Bromley and Hillingdon each had a 30 per cent drop.

No London borough saw an increase in new listings in November.

Alex Gosling, HouseSimple chief executive, insists this indicates more than just a seasonal drop-off.

“The total number of new property listings in November across the UK was just over 65,000 - that is nearly 20,000 less than in October. The drop off is too dramatic to be simply attributed to seasonality factors alone” he claims.

“The government has implemented several schemes to help people get onto the property market ... however, they aren’t addressing the supply shortage, and if there are no homes to buy, these schemes are just window dressing.”

Further Reading 

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