Rightmove (RMV.L) reported a 7% rise in half-year revenues to £192.1m, leading to a 2% increase in operating profit to £131.6m.
For the full year, it expects revenue growth of between 7% and 9%, with membership growth of up to 2% across estate agency and new home and full-year average revenue per advertiser growth of £78-85.
Chief executive Johan Svanstrom said: “Our performance came against the backdrop of the sustained challenging mortgage rate environment.
“The period saw a pick-up in existing-homes listings and transactions, a continued yet softening imbalance of demand and supply for rentals, and a tentative outlook for new homes development volumes.
“With the election now concluded, the property market looks forward to potential interest rate reductions which will further stimulate activity.”
The property platform added that it was prepared for a surge in housing deals amid falling mortgage rates.
It is hoped that the Bank of England will unveil its first rate cut in four years as soon as next week, leading to further mortgage rates drops and rising house market activity.
The probability of an interest rate cut stands next week at 48% versus 52% for a rate hold, according to figures from LSEG based on analyst forecasts.
Charlie Huggins, Manager at Wealth Club, said:
“These are solid but uninspiring results from Rightmove. Even without much growth, Rightmove is still a cash cow. But with the competitive environment hotting up, Rightmove cannot afford to rest on its laurels.”
