Rightmove sees a stable real estate market for the rest of 2022 after a slight cooling in the first half

A woman walks past houses on a leafy street in the early morning in Islington, London, Britain June 22, 2020. REUTERS/Simon Newman

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July 29 (Reuters) – Britain’s Rightmove (RMV.L) expects “broadly stable” market activity for the rest of the year, the online property portal said on Friday, after posting a higher half-year profit. raised.

The operator of Britain’s No.1 property portal also said the property market cooled slightly in the first half of the year compared to the torrid pace of 2021, but remained healthy and ahead of the corresponding period of pre-Fiscal 2019. pandemic.

The UK property market, which has recovered strongly from the COVID-19 pandemic thanks to government support measures and strong demand in an undersupplied market, faces new challenges as the crisis worsens cost of living and rising interest rates are weighing on home buyers.

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“Activity on our platform was significantly higher than in the pre-pandemic market of 2019, with house hunters using Rightmove for 1.5 billion minutes each month,” said CEO Peter Brooks-Johnson, who is expected to leave. the FTSE 100 company. Next year.

Average revenue per advertiser (ARPA), a key metric for Rightmove, increased 11% to £1,290 per month and the company expects second-half ARPA growth to broadly reflect levels of pre-pandemic growth.

Operating profit rose 6% to 121.3 million pounds ($147.9 million) for the six months ended June 30, while revenue climbed 9% to 162.7 million pounds.

($1 = 0.8201 pounds)

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Reporting by Aby Jose Koilparambil in Bengaluru; edited by Uttaresh.V

Our standards: The Thomson Reuters Trust Principles.

Penny D. Jackson