Rightmove raises key sales target in spite of housing market ‘uncertainty’
The group said it is now expecting average revenues per advertiser over the full year of between £112 and £116, above the previous guidance of £103 to £105, driven largely by new home developers.
It said this is helping boost overall revenues, which continue to beat expectations since it reported half-year figures in July. Rightmove said both estate agent subscriptions and new homes development listings have remained stable, with its so-called share of consumer time also unchanged so far in its second half, at around 85 per cent. It has kept its wider full-year outlook unchanged, saying it remains “at least” in line with previous guidance for revenue growth of 8 per cent to 10 per cent and underlying earnings growth of 7 per cent to 8 per cent.
Chief executive Johan Svanstrom said: “The momentum that we reported in July has continued through the third quarter and beyond.”