Rightmove, the property search website, warned that its estate agency membership had fallen 15% in the year to October, with a majority going bust due to the housing market downturn.
Membership fell to 10,700 by the end of October, from a high of about 12,600 a year ago. Average revenue per advertiser rose slightly compared with the first half of the year because of the number of agents opting to advertise rental property.
Rightmove warned that the UK housing market continued to be challenging, with “very low housing transaction volumes resulting in a significant number of estate agents leaving the market”.
The number of new home developments coming to market was now low, it said, but this had been partially offset by a slowdown in the rate the developments were sold.
The number of advertisers was down 9% in the year to October, at about 17,500.
The shares closed down 4.75p at 180.25p.
Financial Times, Daily Telegraph