Rightmove
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| Type | Public |
|---|---|
| Traded as | LSE: RMV |
| Industry | Internet & Real Estate |
| Founded | 2000 |
| Headquarters | London, UK |
| Key people | Scott Forbes (Chairman) Edmund Williams (Managing Director) Miles Shipside (Commercial Director) |
| Revenue | £81.6 million (2010)[1] |
| Operating income | £52.1 million (2010)[1] |
| Net income | £58.0 million (2010)[1] |
| Website | www.rightmove.co.uk |
Rightmove plc (LSE: RMV) is a British-based company that runs www.rightmove.co.uk, an online real estate portal. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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[edit] The company
The Company was created in 2000 as a joint venture between four of the UK's largest property agents: Halifax, Countrywide plc, Royal & Sun Alliance, & Connells under the name Rightmove.co.uk Limited.[2] It was first listed on the London Stock Exchange in March 2006 at which time it became Rightmove plc.[3]
In 2007 it bought 67% of Holiday Lettings Limited[2]
In May 2008, HBOS, one of the founding investors, sold its stake in Rightmove.[4]
[edit] Operations
Rightmove makes money from listing estate agents on its website. Individuals selling property privately (i.e. directly without an agent) are prohibited from advertising on the site. Access is free for viewers, who are capable of both finding properties, subscribing to search results, as well as requesting further information and arranging viewings.
[edit] Research and statistics
Each month, Rightmove release a House Price Index, illustrating any changes in the asking prices of house throughout England and Wales. [5] This information is based on the price that the seller of the property has decided to offer their property at and is not in fact the actual value of the house. Any change in 'sold' prices, the real measure of the actual value of a property, is not reflected by Rightmove's monthly report. Sadly, many News Papers can report on the Rightmove figures stating rising 'asking' prices and these articles can give a somewhat misleading impression that house prices are increasing nationally because misguided sellers have over-estimated their properties worth or had their property over-valued by estate agents desperate for work, when, in fact, the true figures (like those of the Land Registry showing sold prices) for the same month in question can actually reflect a MoM decline for the same month in question.
[edit] Mobile
Rightmove has a variety of applications that allow you to search for property on the move. These include an iPhone application, iPad application and mobile site. Both the iPhone and iPad applications have been featured as a part of apple's TV advertising campaigns.
[edit] References
- ^ a b c Annual Report 2010
- ^ a b Rightmove: History
- ^ The Financial Times (2006-03-10). "Pricing of IPO values Company at £425m". http://us.ft.com/ftgateway/superpage.ft?news_id=fto031020060333370295&page=2. Retrieved 2009-05-04.
- ^ The Independent (2008-05-17). "HBOS sells stake in Rightmove". http://www.independent.co.uk/news/business/news/hbos-sells-13-per-cent-stake-in-rightmove-as-agents-feel-the-heat-830002.html. Retrieved 2008-05-17.
- ^ House price index
