Rightmove boss is hoping for interest rate cut to stimulate market

Rightmove (LSE:RMV) shares fell on Friday, losing 1.4%, after its quarterly results showed growth for the first half, but, also suggested a need for stimulus in the shape of an interest rate cut.

Revenue was up 7%, reaching £192 million, supported by an increased in ‘revenue per advertiser’, and operating profit rose by 1.8% to £132.6 million. Rightmove's interim dividend increased by 3% to 3.7p.

Rightmove said it maintained its market share at 86%, despite competitive pressures from rivals like CoStar.

The company highlighted the need for interest rate cuts to ease mortgage challenges.

"Our performance came against the backdrop of the sustained challenging mortgage rate environment,” said chief executive Johan Svanstrom.

“With the election now concluded, the property market looks forward to potential interest rate reductions which will further stimulate activity.”

Full-year guidance remains unchanged, with anticipated revenue growth of 7-9% and membership growth of up to 2%.

In London, Rightmove shares fell 8p or 1.4% closing the week at 560p.