Some people are looking for a new property to buy. Others are simply interested in keeping an eye on the local property market in our own neighbourhood. Or you may just enjoy a voyeuristic peek at how other people choose to live, perhaps wondering at the taste in furnishings or spying out new ideas for your own home.
Whatever your motives, there are plenty of reasons to be interested in Rightmove, Zoopla, On the Market, etc (other property advertising websites are available). Such is the level of interest in the online property portal, that Rightmove is raking in record revenues.
Rightmove was established in 2000 by estate agencies Halifax, Royal & Sun Alliance, Countrywide and Connells. Initially it was free to list property on the site, but charging was introduced in 2002.
The company was floated on the stock market in 2006 and is now a FTSE 100 listed company.
Agents and developers are spending an average 63% more to advertise their properties on the online property portal than before the pandemic, equating to £1,163 per month. 16% of agents also now buy additional features on the site, including a ‘premium optimiser 2020 package’. Prior to the pandemic, average spending with Rightmove was £1,077 per month.
Year on year, Rightmove’s total revenue has risen 58% to £149.9 million and pre-tax profits rose 86% to £114.7 million – and profit of 77 pence for every one pound spent by their advertisers, which number among them more than 16,000 estate agents and 3,000 new home developers.
The number of properties available to buy is expected to remain constricted over the next few months but, despite this, Rightmove is expecting further revenue growth in the second half of this year.