Rightmove raises key sales target in spite of housing market ‘uncertainty’

Online real estate firm Rightmove has increased a key revenues target as it reported resilient demand despite “uncertainty” in the housing market and falling property prices.

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.”

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