“The strength and resilience of Rightmove’s business has remained apparent throughout the first half of 2023,” the agency mentioned in a buying and selling replace.
“Agents and developers have continued to use our products to win new mandates and to drive their businesses forward, and home-movers have continued to trust our sites to allow them to see the whole of the property market, helping them to make informed decisions.
“This has allowed us to deliver strong results, despite the backdrop of higher mortgage rates and the increased cost of living.”
The Bank of England has hiked rates of interest 13 occasions because the finish of 2021 because it tries to get runaway inflation below management.
It has pushed the Bank’s base price from 0.1% to five% in that interval, making it rather more costly for folks to borrow cash to purchase a home.
Yet Rightmove mentioned one other 102 property brokers and different companies had signed as much as develop into Rightmove members – a 1% enhance.
Home hunters spent 1.4 billion minutes on the location every month, a fall from 1.5 billion in 2022, which Rightmove blamed on a slower property market.
But it’s nonetheless 27% greater than earlier than the pandemic.
From right here, our intention is to broaden our platform, our merchandise and our knowledge, for each prospects and customers, to additional digitise the sector, each in our core enterprise and in newer progress areas
Chief government Johan Svanstrom mentioned: “These results clearly illustrate that Rightmove continues to be the property portal that consumers turn to first and engage with the most, and that our customers continue to use our innovative products and services to support their businesses in both slower and faster housing markets.
“Our performance against the backdrop of a challenging interest rate environment demonstrates yet again that Rightmove isn’t materially impacted by the property cycle.
“I have been very impressed by what I have seen in my first five months as Rightmove’s CEO and would like to extend my thanks to the team for delivering so strongly.
“This is a business which has performed consistently well over an extended time-period, and I am excited by the growth opportunities that I see over the long term in the wider UK property market.
“From here, our aim is to expand our platform, our products and our data, for both customers and consumers, to further digitise the sector, both in our core business and in newer growth areas.
“We also want to play an active role in facilitating the much-needed green transition of the real estate market, leveraging our vast pool of data and insight to do so.”
