The number of branches listing on Rightmove drop 1k, report says

Investors and analysts at UBS have recently reported that the number of branches which list on Rightmove's platform has dropped by 1,000 (4%) in the first six months of this year.

It adds that the overall number of agents listing on Rightmove is down 5% on a year ago, although it says that some may still be subscribers.

UBS says it obtained the data from its own ‘evidence lab’.

Its report comes ahead of Rightmove’s half-year results, covering the six months to the end of June, due to be published next week.

In its report UBS says: “This is a deterioration from the end of March 2019 when we downgraded Rightmove to sell, where advertiser numbers were down 2% year on year.

“This data reflects our view that estate agents who have survived the industry decline in commission rates are being further impacted as transaction volumes turn negative.”

In its own latest housing market report, published this month, Rightmove said that the number of properties coming to the market are down 7.8% year on year, and that completed transactions are down 4.6% in the year to date.

UBS says that some of the advertisers whose listings have vanished off Rightmove may still be members: “Some may just not have any listings on the platform.”

However, it forecasts that by the end of this year, Rightmove will have 750 fewer agent members than in December last year.

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