The Bank of England made “persistent and systematic” errors in its forecasts about inflation, one of its policymakers has said.
Rightmove cut its annual average advertising revenue forecast as still high mortgage rates weighed on residential sales while the lettings market remains tight, sending shares in the UK's largest property portal down 5% on Friday. The company, which charges estate agents and homebuilders a fee to list their properties on its website, pointed to a strong lettings market which typically has lower average revenue per advertiser (ARPA).
Demand continues to outstrip supply, with around nine new applicants registered for each available property in March, Propertymark said.