Renting site Rightmove had a spike in both profits and revenues in the first half of the year, as customers spent an average of 1.5bn minutes on its site per month.
It raked in £162m in the first half of the year, up nine per cent on 2021, while its operating profit was at £121.3m, up six per cent.
Rightmove said there was an average of 1.5bn minutes on its site per month. down from 1.7bn last year, but up on pre-pandemic levels of 1.1bn, a 36 per cent increase.
Looking ahead to the second half of 2022, it said the firm is “mindful of the economic uncertainty” but it will continue in its bid “to make home moving more digital for our customers and consumers”.
It added that the property market cooled in the first half of the year after a hectic 2021, and despite turbulence owing to the cost of living crisis, it remained stable.
Rightmove also said it launched a series of initiatives to bulk up its digitisation of renting, cutting costs and making it more accessible.
“Despite the housing market cooling slightly, activity on our platform was significantly higher than in the pre-pandemic market of 2019”, sad Peter Brooks-Johnson, Chief Executive Officer.
“The new lead-to-keys workflow will give tenants the ability to search, view, secure and contract on a property, all from their mobile phones. I hope that this will alleviate some of the stress in this very competitive rental market”.