Rightmove to lose 8% of lettings listings next month

Rightmove to lose 8% of lettings listings next month


Todays other news


Rightmove has admitted to shareholders that it’s to lose 8% of its lettings listing from next month – the equivalent of some 700 branches. 

It has failed to reach agreement over fees with the online platform OpenRent.

A statement issued to the London Stock Exchange says: “OpenRent is classified as an online lettings agent within Rightmove’s Estate Agency (Lettings) sub-segment and represents approximately 700 branch equivalents, with less than 8% of Rightmove’s lettings listings in July 2024.  

“As has been seen recently, market dynamics – within lettings in particular – are fluid. While we remain confident of delivering revenue and margin in line with the guidance … the precise mix of membership and Average Revenue Per Advertiser may vary.  Our current estimate is that membership will decline by up to 3% year-on-year, with a year-on-year increase in ARPA of £90-£100.”

Rightmove tells shareholders in the same statement that its contract with OpenRent will terminate with effect from September 1. 

In a bid to deter criticism from those with a stake in the portal, it says it anticipates overall revenue growth of 7% to 9% and an underlying operating margin of 70%.   

In a swipe at its former customer, Rightmove continues: “OpenRent’s landlord customers will therefore lose access to the UK’s largest property-seeking audience. Rightmove remains the place for consumers to find more UK properties than any other portal, and in H1 2024, delivered 8 times the number of properties rented than the next largest portal. Over 80% of all consumer time spent on property portals continues to be spent on Rightmove.

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Letting Agent Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
12 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Recommended for you
Related Articles
Zoopla is planning a roadshow stopping off at high profile...
The deal includes the group's future acquisitions, too...
The cheapest location is just £799 per calendar month...
Rents are still up on an annual basis but a...
The Welsh Government is backing the call for a 'compensation'...
There will be a greater emphasis on digitisation....
A consultation document is being released today....
Recommended for you
Latest Features
Andrews Property Group is under charitable ownership...
New tenancies in England and Wales are at their lowest...
The Scottish system would differ from the UK system in...
Sponsored Content
Tenants want a place they can call home—somewhere comfortable, safe,...
Letting agencies face the dual challenge of keeping both landlords...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here