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Rightmove has stated 2021 was the busiest 12 months in its 21-year historical past, with the tight UK property market driving up pre-tax revenue by two-thirds.
The operator of the UK’s largest property web site stated on Friday that it anticipated UK actual property transactions to say no and return to pre-coronavirus pandemic ranges this 12 months, however was nonetheless assured of sturdy progress.
The FTSE 100 group stated document numbers of individuals spent greater than “18bn minutes on our platforms” final 12 months, as potential residence consumers shrugged off hovering inflation and the upper value of dwelling within the seek for a property.
“Because the market normalises, we count on the variety of transactions to return to pre-pandemic ranges,” the group stated in an announcement. “We stay alert to the macro surroundings, however Rightmove isn’t materially impacted by the property market cycle apart from in essentially the most excessive circumstances.
Rightmove reported that annual pre-tax revenue rose 67 per cent 12 months on 12 months to £226mn, on revenues that rose nearly 50 per cent to £305mn.
The majority of Rightmove’s income comes from brokers who pay a payment to listing properties on the positioning. The corporate, which has attracted criticism from a bunch of impartial property brokers who’ve complained about its payment mannequin, reported an working margin of 74 per cent.
Common income per advertiser — an important business metric — rose 53 per cent 12 months on 12 months to £1,189 per 30 days. A remaining dividend of 4.8p per share, up from 4.5p in 2020, took the whole payout for 2021 to 7.8p.
The optimistic outlook adopted latest information displaying the value of houses coming to market within the UK hit a document of virtually £350,000, up £7,800 between January and February, based on information from Rightmove. The two.3 per cent rise was the most important month-to-month improve for the reason that firm began monitoring nationwide costs in 2001.
Rightmove shares rose 3.5 per cent in early buying and selling to 636.2p.
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