Rightmove mortgage and rental unit sales targets ‘on track’   – Mortgage Strategy

Rightmove reiterated its guidance of 8% to 10% sales growth this year, adding that its mortgage, commercial property, and rental services units “are on track against their targets for the year”.

The property portal launched a remortgage calculator in its latest trading update, adding that its AI-powered engines have “delivered meaningful conversion increases, underpinned by Rightmove’s large user base and data”. 

In rental services, the group launched a renters’ checklist, which “enables tenants to track home-moving tasks and set up their home services once they have found a rental property” on the website. 

The group’s mortgage unit more than doubled sales to £4.7m last year, it said in an earlier February trading statement. 

After the Bank of England yesterday cut the base rate by 0.25% to 4.25%, the portal adds that, “mortgage rates are reducing with a favourable outlook for further potential bank rate cuts”. 

It adds house price growth remains positive with year-on-year increases in new buyer demand up 5%, new property listings up 9% and sales agreed up 7%.   

The firm says: “Since the beginning of April, available listings have risen to a ten-year high, and at the end of April were 13% ahead of the same point last year.” 

It adds: “The rental market continues to see an imbalance between supply and demand, with rental prices ahead of last year but with reducing rent growth and demand.  

“There were, on average, 11 enquiries per available property in the period, lower than the equivalent period in 2024 but still double the pre-Covid annual average of 6 to 7.” 

Rightmove chief executive Johan Svanstrom says: “We’re pleased to have started 2025 with good financial, operational and strategic momentum.  

“In particular, we’re making strong strides forward in delivering new tools and products to make the property journey smoother for both consumers and our partners.”