Rightmove, the leading property website, has taken advantage of difficulties selling homes in the UK to record strong yearly growth in sales and profit. Financial Times (Saturday)
The property sales portal is paid by advertisers on a subscription basis per month, which means that the longer new-build property stays unsold and on its website, the more it earns.
The company said revenue rose 69% to £56.7m in the 12 months to December, boosting pre-tax profit from £7.27m to £27.1m.
The company said houses now spend about 93 days on the website on average, compared with 78 days a year ago. Prices appeared flat overall in spite of some regional drops in value.