Rightmove launches 'bargain of the week' service

Rightmove is launching a new free service next Tuesday which it says will help agents market their discounted properties.

A new weekly e-magazine called Property Deal Weekly will allow bargain hunters to see property price reductions easily and, says Rightmove, help agents to persuade sellers to accept meaningful price reductions.

A demo version of Property Deal Weekly was available yesterday online. It features page-turning technology like a real magazine, and lists properties in all price brackets, including those over £1m, that have had their prices cut. It gives both the original asking price and the new price, and also tells you who the agents are.

Rightmove’s commercial director Miles Shipside says that current employment worries, difficulty in accessing mortgage finance and a general lack of consumer confidence means buyers are in short supply. He says that with some sellers now accepting offers at 25% below peak prices and a dearth of competing mainstream buyers, it’s a market ripe for the cash-rich.

He added: “Agents are all too aware that cash-rich and mortgage-ready buyers, although out there, are in short supply – and in a position to drive a hard bargain.

“It’s also true that making vendors understand this and reduce their asking price to saleable levels is a frustrating daily challenge.

“Referring them to the deals available in Property Deal Weekly may help the penny drop quicker, especially if they see they can trade up to a bargain too. We anticipate switched-on agents will use the carrot of free adverts in Property Deal Weekly to help sellers reduce more often, with the promise of grabbing the attention of those elusive buyers.  These are the areas where Property Deal comes into its own.”

Property Deal Weekly will automatically include asking price reductions of 2% or more that have occurred over the previous week. It will be updated weekly, with 48 regional editions covering the UK.

The content – described by Shipside as “addictive” – will be delivered direct to a home mover’s inbox as well as being available on the Propertydeal.co.uk website.

Shipside said: “Extensive research with agents has convinced us that they will be excited by this timely initiative that meets the needs of today’s challenging market place.”

But Estate Agent Today has been told there could be concerns that agents may be worried that the service will reveal to their competitors that some properties were over-valued in the first place.