Rightmove stays bullish despite cooling down of housing market

 
Joseph Millis
Rightmove membership had grown two per cent (Source: Rightmove)
Property website Rightmove yesterday said it had a confident outlook for the full year, as more agents and developers used its service to advertise despite signs of a cooling housing market.

In a trading update for the four months to 31 October, Rightmove said its membership had grown two per cent since the first half of the year and five per cent in the year to date, to a record 19,320 agents and new homes developments.

Its average revenue per advertiser was also growing, Rightmove said, without providing exact numbers.

Nick McKittrick, chief executive, said: “We have more home movers visiting more often and spending more time than ever before, searching for and researching property from nearly every agent in the UK On the back of this record traffic we’ve increased enquiries to our customers by over 10 per cent.”

According to Nationwide, average UK home prices grew by a further nine per cent in October, year-on-year, but it has cautioned that mortgage approvals are falling and buyer inquiries are softening.

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