Rightmove, the Uk’s busiest property portal, has announced a leap in traffic to its site. And profits.
Searches for homes on their website increased by 23% to 4.8 BILLION in the six month sto June 30, resulting in a market share of 83%, up from 82% a year earlier.
Its Managing Director Ed Williams says that ‘House hunters continue to abandon newspapers for the internet…’.
Rightmove profits, as further testimony to the power of online property search, rose 25% to £33.4 million.
Spending by estate agents rose by 18% on the period prior whereas spend on newspaper ads continues to fall dramatically in accordance with buyers’ approach to how they search for their next home these days.