- 1 The real estate sector in the United Kingdom is hot and Rightmove PLC might need to take moves right.
- 2 Rightmove is scheduled to drop earnings by next week on July 28, 2023.
Adversity rent in the United Kingdom is increasing rapidly, as the country’s biggest property portal Rightmove (LSE: RMV) reported in a recent survey. The annual growth rate in the rent is also at a higher side, given the surging demand from tenants. Given the situation, Rightmove share price is moving in the right direction since June end, recently hitting £561 from £490.
The report noted that outside London the advertised rent for new tenancies saw a 3.5 % rise in the second quarter of 2023. The quarterly increase is higher than the previous quarter’s rise of 1.5%. Existing average advertised rent at the time was 1,231 pounds, 9.3% up in the yearly time frame.
The average advertised rent for the new tenancies in London rose to 2,567 pounds, following a 2.6% rise from its previous quarter and 13.7% year over year.
Rightmove Share Price Movement
The Rightmove share price chart shows the movement is in an uptrend. RMV share attained a recent at £490, during the later part of June, forming an immediate base. But it has swelled over 15% since then and is currently trading at £561.
If RMV share price continues to make a move, then this is likely to test the immediate resistance at around £590. The current trading price is over 7% down from its yearly high at £614 made in February 2023. Rightmove share attained its 52-week high at £669 in August 2022 and is 15% down right now.
The prominent indicators suggest Rightmove share price is taking the right moves towards the next resistances. The current price is above both the 50- and 200-day EMA with the gap between the moving averages broadening. MACD is above the zero-line and continues to make upward curves. RSI is at 54, showcasing the RMV share price is above the neutral zone and making bullish moves.
Rightmove is scheduled to drop earnings by next week on July 28, 2023. In the previous quarter, the largest property marketplace in the United Kingdom reported better earnings and revenue than estimates. However, the share price struggled to make any significant up move.
The company with a market capitalization of about £4.6 Billion pays dividends every six months. It paid £5.20 in dividend in April end. It is expected to report a revenue of £17.9 Billion and £12.2 in earnings per share (EPS) for Q2 2023.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.