The UK’s largest property website said Mr Brooks-Johnson will remain in the chief executive role until its full-year figures are unveiled in February 2023 and will help with finding a replacement and ensure a smooth handover.

The group said it is now launching the search for his successor.

Mr Brooks-Johnson said: “With Rightmove progressing well on its mission to make home moving easier and our strong trading from 2021 continuing into 2022, I have decided it is an appropriate time to seek a new challenge.”

Rightmove boss Peter Brooks-Johnson has announced plans to step down after more than 16 years with the property firm, the City has been told

Next sales rise as shoppers return but online sales take a hit

Rightmove chairman Andrew Fisher said: “Peter has made a significant contribution to the success of Rightmove over the past 16 years and whilst we are disappointed that he will be leaving the business, we understand his decision.”

He added: “I look forward to working with Peter to ensure a smooth transition and given Rightmove’s strong market position we are confident we will attract a high-calibre successor.”

Mr Brooks-Johnson joined Rightmove in 2006, before working up the ranks to become chief executive in May 2017.

He was previously a management consultant with Accenture and the Berkeley Partnership.

The group saw profits jump by more than two thirds to £225.6 million as the business said that the number of customers using its upgraded package doubled in 2021.

The business saw revenue per advertiser on the property site leap 9% compared with 2019, before the pandemic struck.

Rightmove CEO to step down in 2023 after 16 years with company