Rightmove (RMV) Trading Update summary

Market trends and outlook

• Greater optimism among partners for 2025, with positive but subdued house price growth and stable mortgage rates.

• Property transaction flow is improving, supporting business growth for estate agency partners.

• Rental price growth is moderating, with an average of 15 enquiries per available property.

• New Homes developers are encouraged by government policy, though new build activity remains softer than last year.

Financial guidance and performance

• Revenue for 2024 expected at approximately £390m, within previous 7-9% growth guidance.

• Adjusted underlying operating margin guidance reiterated at 70%, before one-off costs of about £10m.

• Membership numbers expected to grow by around 1% on 2023, slightly below previous guidance.

• ARPA growth revised upward to £85-£95 over 2023’s £1,431, driven by Optimiser Edge and product uptake.

• Modest acceleration in revenue growth anticipated for 2025 from full-year impact of Optimiser Edge and strategic growth areas.

Product and platform innovation

• Launched Renovation Calculator, with 20% of users tracking a property since launch adding a renovation.

• Lead generation up 20%, with Rightmove providing 73% of sales and 85% of lettings outcomes year-to-date.

• Increased social media engagement by 89% during the period.