Rightmove on track as homebuyers shrug off economic upheaval
Rightmove is targeting double-digit revenue growth this year as strong homebuyer and rental demand appears unmoved by global economic turmoil.
The property portal told investors on Friday that available listings had risen to a ten-year high since the beginning of April, up 13 per cent on the same time last year.
It said 2025 house price growth remains 'positive' with new buyer demand, listings and sales agreed up 5, 9 and 7 per cent, respectively, year-on-year.
The positive update follows data from Halifax that showed property prices rose at their fastest pace so far this year in April, despite some forecasters expecting a fall in response to higher stamp duty.
Rightmove's own research suggests house asking prices hit a record high earlier this month.
Johan Svanstrom, chief executive of Rightmove, said the group was 'comparatively well insulated from the volatility that some other companies and industries are having to contend with', and could 'look forward with confidence'.
Rightmove also highlighted a continued 'imbalance between supply and demand' for rental properties, which averaged 11 enquiries per property since the start of the year.
While this is lower than the same time last year, it is still double the pre-Covid average.
The group, which claims 80 per cent of all consumer time spent on UK property portals, sees tailwinds in further looming interest rate cuts and greater optimism among new home developers.
Rightmove continues to target revenue growth of 8 to 10 per cent this year, with an underlying operating profit margin of 70 per cent.
Svanstrom added: 'We're pleased to have started 2025 with good financial, operational and strategic momentum.'
Rightmove shares were up 0.1 per cent to 744.6p in early trading. They have added 15 per cent since the start of the year.
Anthony Codling, managing director at RBC Capital Markets, said: 'Despite the turmoil in global markets are macroeconomic uncertainty Rightmove continues to deliver a strong performance.
'Homebuyer and homemover demand for Rightmove's content appears unsated and undisturbed by higher level macroeconomic uncertainty, perhaps property portals are a welcome distraction from such concerns, fears and worries.
'Housebuilders, estate and letting agents are keen to tap into this demand for content aiming to convert it into transactions.'
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