Rightmove has reported another very large leap in revenue in 2017 and a modest rise in agency and new home customers - however, leads to customers were down seven per cent on the previous year.
In figures reported to shareholders and the City this morning, the leading portal announced that overall revenue was up 11 per cent; operating profit increased 10 per cent.
The key ARPA figure - average revenue per advertiser - was up 10 per cent to £922 per month.
Its total of agency and new homes customers rose two per cent to 20,427 while it claimed a million UK residential properties advertised on its website - “is a significant stock advantage compared to any other UK portal” it says.
Traffic growth continued to soar with visits up four per cent averaging over 125m visits per month and ‘time on site’ unchanged at nearly one billion minutes per month. However, lets were down seven per cent on 2016
The portal says its market share of traffic across both desktop and mobile was 73 per cent with the mobile component even higher at 79 per cent.
This morning’s trading statement also says that despite visits rising for the 16th successive year the 43.6m leads for customers was actually seven per cent down on 2016.
In addition the portal admits that “the surge in lettings stock following the stamp duty increase for second properties in April 2016 meant for most of 2017 the lettings market was less frenetic giving potential tenants more choice. In these market conditions each tenant typically sends fewer leads as they are more assured of securing the property they want.”
"The UK public has once again moved with Rightmove, spending 11.7 billion minutes on Rightmove platforms in 2017. Our focus and innovation continue to make us the place that consumers turn to first and that property professionals turn to most often” says Peter Brooks-Johnson, the portal’s chief operating officer.
“Our customer numbers increased to a record high of nearly 20,500, testament to our aim to provide customers with the most effective marketing exposure and the highest quality leads, as well as helping to drive efficiencies within their businesses though tools and support.
“As the industry becomes more digital our software has become even more valuable to our customers with 90 per cent of our agency members making use of it each month. Our market leading position, our culture of restlessness, and our ambition to make our marketplace even more efficient means there are many reasons to be excited by the opportunities ahead for Rightmove, and the board remains confident of making further progress in 2018."