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Property platform Rightmove said demand was up 50 per cent in June and July as potential buyers sought new homes after months spent in lockdown.

Rightmove’s share price jumped 8.93 per cent to 629.4p this morning after the company reported a bounce in activity after the housing market reopened.

The figures

In the six months to 30 June revenue fell 34 per cent to £94.8m, after Rightmove offered a 75 per cent discount to customers between April and June.

Operating profit plunged 43 per cent, from £108.2m to £61.7m.

Basic earnings per share also fell 42 per cent, to 5.7p, and the average revenue per advertiser dropped 34 per cent to £712.

Rightmove did not announce an interim dividend.

However, between 1 June and 31 July demand for sales properties has been 50 per cent higher than the same period in 2019. Rental demand is up 20 per cent.

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Why it’s interesting

Rightmove said the jump in activity is partially due to pent up demand as the UK emerged from its coronavirus lockdown.

However, it also said that some buyers have decided to move following months at home during lockdown. Seperate research has previously suggested that more buyers are searching for properties with gardens and outside of city centres.

“Rightmove data suggests that the significant increase in activity is being driven not only from the pent up demand from the period of lock down, but an increased number of home hunters who have decided to move following the experience of lock down,” the company said.

By Jessica Clark

Source: City Am

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