Mixed messages in the housing market

The housing industry has experienced mixed fortunes on the stock market. While many house builders are beginning to recover from earlier slumps, the value of some estate agents has continued to fall.

House builders that have experienced an upturn in value include: Taylor Wimpey, whose shares rose by 20%; Bovis Homes, up 11.35%; Barret Developments, up by 12.46%; and Persimmon, which saw a rise of almost 7%.

Estate agents have faired less well on the stock market, with shares in Rightmove down 1.3%, at 328.75p.

An analyst at the brokers firm UBS said: “Rightmove could jeopardise its dominant market position if it increased prices in the face of very difficult market conditions for its customers.

“With conditions being the toughest for agents for over 15 years, we expect some could move to cheaper competitors if their hand was forced through price rises.”

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