Rightmove launches new price index

Property website rightmove.co.uk will launch a new house price index service next week.

The Real Time Property Report is based on the asking price of properties on the Rightmove website.

Details of the new site were announced as Rightmove released its quarterly results for the three months to the end of June 2002.

Highlights include:

  • Profits for the second quarter of £129,000 (compared to a loss of £615,000 for the second quarter last year)
  • Trading profitably since February 2002. Over 80% of member estate agents in contracts with more than 12 months to run
  • Revenue for the second quarter of £775,000 (compared to nominal revenue for the second quarter last year)
  • 5.4 million visits and 85 million page impressions on the site this quarter (up from 2.2 million and 38 million respectively in second quarter last year)
  • More than 140,000 properties on site – worth in excess of £20bn (down 2% on the previous quarter, reflecting the shortage of property stock on the market)
  • More than 3,500 agents listing properties on the site (up by more than 100 on the previous quarter)

    Harry Hill, chairman of Rightmove, says: “We have achieved profits faster and with lower levels of investment than envisaged when we launched what has become the leading property portal just two years ago. Indeed, the total investment is probably just one tenth of the combined investment in other such sites, several of which have already packed their bags. We are a stable and ambitious business, growing strongly in a market that offers outstanding opportunities for further growth.”

    Ed Williams, managing director of Rightmove, says: “We continue to successfully focus on the simple idea of giving estate agents a premier showcase for their properties to the largest UK audience of home hunters – some three times greater than our nearest rival. More than 95% of our revenue comes from estate agents paying to display their properties on the rightmove.co.uk web site. Since charging was introduced in January this year we have not lost a single member estate agent through dissatisfaction with the amount of business we bring or the service we offer. In the next few weeks we will be launching our new homes service.”