Rightmove has recently released its profit figures. The good news was the Company reported a profit of £203 million, which is a rise of 10% from last year. However, it also announced this was its slowest profit growth for over nine years. The Company also stated that there was a decline in the number of Estate Agents to 17,328. One of the theories behind this drop is the increase in competition from its rivals. Other websites such as On The Market, continued to grow and are adding new Estate Agents to their site. Another of Rightmove’s competitors, Zoopla is also reported to be doing well because it focuses on improving the customer’s experience and provides additional information such as estimated running costs for the Property.
It was also suggested that Brexit could have been an influential factor in Rightmove having its slowest year in profit. There are many people who are concerned as to what will happen after Brexit particularly with the uncertainty of a potential delay in Article 50. We will have to see what happens later on this month. It is anticipated that once there is more stability in our politics that the housing market will then see more movement. This will no doubt help Rightmove and its rivals in the future to continue to grow.