Is This The End For Rightmove? (uk House Price Crash)
28th November 2023
The UK Housing Market CRASH continues with buyers, sellers and estate agents all feeling the squeeze as house prices FALL across the UK. However, there is one company that continues to make HUGE PROFITS as everyone around them feels the full effects of instability in the UK property market.
Rightmove has been one of the most important players in the UK property market for the past two decades, it is the go to property portal for estate agents, sellers and buyers. It has withstood fierce competition from the likes of Zoopla and On The Market and currently accounts for approximately 85% of property portal traffic.
Despite this success, Rightmove is far from universally liked and there are many in the industry who would like to see Rightmove evolve or a new market leader appear.
Rightmove's dominance of the market puts them in a position where they can confidently hit estate agents with regular increases to their subscription fees. This leaves some estate agents feeling like they are being held to ransom with no other option than to pay up.
Most UK house price forecasts expect house prices to go down further in 2024 and for transaction levels to remain subdued. Despite these low levels of transactions, Rightmove can still charge their agents higher fees as most agents wouldn't survive without listing their properties on Rightmove.