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.^”