Property-obsessed Brits spent 16.4bn minutes searching on Rightmove last year, which the platform has used to underpin a financial performance in a “class of its own”.
Rightmove swallowed up 80 per cent of all consumer time spent on UK property portals in 2024, with almost 9,400 property views every minute.
The UK’s enduring fascination with flats and houses means that Rightmove was the fourth busiest UK-based digital platform in 2024, behind only the BBC, UK publisher Reach, and Gov.uk for visitor traffic.
Rightmove’s site has the most listings of the UK’s platforms, creating a virtuous circle where both estate agents and potential buyers are drawn to the “must-have” platform, according to AJ Bell investment director Russ Mould.
The company was an early mover online, giving it a significant first-mover advantage.
It now controls around three-quarters of the UK online listings market and has used its dominance to hike fees by double-digits yearly.
“Rightmove is adept at turning eyeballs into money for Rightmove,” RBC researcher director Anthony Codling said. “When it comes to profitability, Rightmove’s financial performance is in a class of its own.”
“It might not charge its ultimate end users, but estate agents and housebuilders pay handsomely to get their homes in front of those eyeballs,” Codling said.
In its latest set of results, the company hiked its dividend five per cent and said it expected between eight to 10 per cent revenue growth in 2025. It reported a profit margin of 70 per cent.
Rightmove’s CEO Johan Svanstrom said the amount of time spent on Rightmove was “extraordinary”.
“As well as the UK’s fascination with all things property, ultimately it’s testament to our teams constantly innovating to ensure we provide the best experiences, no matter the stage of the home-moving journey,” he said.