Description
Rightmove plc is a UK-based company that runs rightmove.co.uk, the UK's largest online real estate portal and property website. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
History
The company was created in 2000 as a joint venture between four of the UK's largest property agents: Halifax, Countrywide plc, Royal & Sun Alliance, & Connells under the name Rightmove.co.uk Limited. It was first listed on the London Stock Exchange on 15 March 2006 at which time it became Rightmove plc. In 2007 it bought 67% of Holiday Lettings Limited. In May 2008, HBOS, one of the founding investors, sold its stake in Rightmove. According to Forbes, Rightmove operates on a two-sided model which serves a vast “audience” for property listings on one side and 20,000 advertisers of available properties on the other side.
Operation
Rightmove makes money from listing estate agents on its website and offering additional advertising products to those agents. The ads are visible to users who search for the area chosen by the estate agent. Individuals selling property privately (i.e. directly without an agent) are prohibited from advertising on the site. Each month, Rightmove release a House Price Index, illustrating any changes in the asking prices of houses throughout England and Wales.
