Do you need a crystal ball to predict what is going to happen in the property market – or do you (or should that be, will you?) just need Rightmove?
In a short and significant interview, Rightmove’s director of data services, Tim Bannister, reveals to Estates Gazette how the portal uses the vast amount of property intelligence it collects.
Rightmove has over 17m property records, and gets over 1.6bn page views a month.
It analyses all this information down to a very local level, to give understanding as to where a particular area might be heading, says Bannister.
It can predict both house prices and transaction levels at a very localised level “with some accuracy”, he says.
That means consumers could know when to sell their homes for most profit – and when there will be a crash.
The information could also be useful for property investors, for example looking to buy in any of London’s local micro-markets.
And it would also be helpful for property businesses planning ahead – for example, firms of surveyors needing to locate their staff in the places they will be most in demand, or agents looking to expand.
The interview does not say whether Rightmove already makes this information available to consumers, or whether it plans to. However, the potential for additional income streams clearly looks to be there and we asked Rightmove for comment.
Yesterday evening a spokesperson told us: “Since 2005 Rightmove’s data services have been using aggregated data and algorithms to provide products including an automated valuation model for lenders, a surveyors comparable tool for surveyors and bespoke data packages for estate agents and new homes developers.
“Agents have access to local market data as part of their membership in RightmovePlus, including tools such as the Best Price Guide and Marketing Report.”