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The British Bankers Association has made claims that mortgage lending increased by 38% year-on-year in January, and that its members are set to keep the taps open for the foreseeable future. If this continues to be the case, and the government maintains its help for homebuyers schemes, then the positive effect will continue to be felt by Rightmove.
The company has stated in numerous monthly updates that there is a lack of properties for sale, due in part to the prohibitive costs in place when a home owner places their property on the market. This week has seen builders Bovis Homes and Persimmon post profits of 48% and 49% respectively, however, as they continue to try to plug the market imbalance.
It is not all blue skies for Rightmove though, as the next couple of years will see banks rebalancing the debt portfolios due to Basel III requirements, which might reduce lending. The current schemes for new buyers have been popular but will not last forever. The last possible cloud on the horizon is that competitors such as Zoopla improve their websites, and with the [shares: DMGT-UK|Daily Mail] looking into selling Zoopla a strong marketing push from them might not be too far away.
The bullish trend that Rightmove shares have been in for the last year does not look instantly under threat; however, it is at the lower end of the range, and any more weakness could encourage a fresh batch of buyers.