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House prices fall or rise (take your pick)
4 comments
House prices went up slightly – by 0.4% – in July, the Land Registry has reported. It

Knight Frank stay quiet after conman is jailed
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A tenant who faked his identity when renting through Knight Frank has been jailed for three

Rich overseas buyers keep prime London market aloft
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Chinese buyers are expected to replace Russian investors as major players in the prime central London

Moving occasion: today's the day!
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The most popular moving date is today, September 1, the Post Office has revealed. The two next

Prospective first-time buyers sink to new low
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The proportion of buyers expecting to buy for the first time in the next 12 months

Housing market 'edging towards double dip' claim
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Net lending plummeted in July to the second lowest monthly figure since records began in 1993,

Henry Pryor Blog
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Welcome to a new monthly blog by Henry Pryor, estate agent turned entrepreneur, inventor and expert

Rightmove profits climb 39% as more agents sign up
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A rise in the number of agents and an overall willingness to pay more to Rightmove

Portal creates new 'check out your competition' stats
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Property portal Home has created some new statistic pages on its site which we reckon will

Six in ten mortgages are now for house purchase
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The proportion of mortgages being taken out for purchases, as opposed to remortgages, is at its

News Story

Boom times for Rightmove as members pay more

Friday 29th August 2008

Rightmove has today (Friday) issued a strong set of interim results, showing that its advertisers are paying heavily increased rates to the site.

Its customers – estate agents, letting firms and developers – are paying an average of £317 per month, up 35% from last year.

The jump, in conjunction with an overall 5% rise in membership numbers, has helped boost Rightmove’s revenues by 49%, while its profits shot up 58% in the six months to the end of June.

Rightmove’s revenues for the period were £37.8m, of which £20.8m were profit.

The stunning results come despite the downturn in the industry, which has seen estate agency membership of Rightmove dip by 3%, down to 11,984.

However, the increase in overall membership has more than made up for this fall.

It is also clear that Rightmove has actually profited from the housing market downturn as more and more agents turn away from advertising in local and regional press to spend online instead. The interim report underlines the fact that Rightmove has spent the last eight years – all its existence – focused on the migration of advertising from print to online.

Ed Williams, chief executive, said the strong results were “evidence of the strength of the Rightmove proposition and the loyalty of our advertisers”.

However, the site, whose principal shareholder is the Connells group with 17.9% of shares, said the UK housing market was in the grip of a major downturn. It said that falling house prices and increasing repossessions would eventually restore the market, but that there was “little immediate prospect of an improvement”.

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Editorial Contact Details - Rosalind Renshaw | rosalind.renshaw@estateagenttoday.co.uk | 01252 843 566.