Property website sees advertising surge
The UK's most popular property search website Rightmove.co.uk, gave a boost to the housing market today by announcing that it had seen a big rise in the amount individual estate agents were spending on home adverts in January.
Rightmove who list over 90 per cent of homes for sale in UK, has mentioned that each agent was advertising more properties for sale and were taking up new advertising products. An increase in properties for sale is set to boost the property industry and give increased confidence to those in housing jobs.
The Times reports that the website is so confident of the rise, that it has started to to increase agency listing fees to increase profit and strengthen revenues, commenting that ''trading in January saw a substantial increase in average spend per advertiser''.
As a result of improving property fortunes, Rightmove shares have jumped to 542p which is a big rise on the figure of 166p in the dark depths of the recession. At their height in the boom of 2007, shares were 623p and it is expected that such a figure may once again become achievable.
The website has released a statement about the rise, commenting that: ''The board is confident that 2010 profits will be above market expectations'' with profits expecting to be upwards of £45m.
The company has also recently announced that it would utilise Google Maps on its listings, speculated to reinforce its position as market leader, despite Google's plans to create its own property website later this year.
Author: Sarah Howard
Keywords: Housing Jobs