Rightmove Plc Unsponsored ADR (RTMVY)
Rightmove plc (RTMVF) Q2 2024 Earnings Call Transcript
Rightmove plc (OTCPK:RTMVF) Q2 2024 Earnings Conference Call July 26, 2024 4:30 AM ET Company Participants Johan Svanstrom - Chief Executive Officer Alison Dolan - Chief Financial Officer Ben Winstanley - Head of Investor Relations Conference Call Participants Jo Barnett-Lamb - UBS Andrew Ross - Barclays Rahul Chopra - HSBC Jessica Pok - Peel Hunt Gareth Davies - Deutsche Numis Will Packer - BNP Paribas Exane Giles Thorne - Jefferies Pete-Veikko Kujala - Morgan Stanley Sean Kealy - Panmure Liberum Johan Svanstrom All right. Good morning, and welcome to Rightmove's results for the first six months of 2024.
Rightmove says rate cut needed to ease mortgage challenges
Rightmove PLC (LSE:RMV) says interest rates need to come down to boost the property market as the mortgage situation remains challenging. Though the online estate agent kept its guidance for this year unchanged, Johan Svanstrom, chief executive.
Rightmove: A High-Quality Business, But Pricey
Rightmove has a dominant position in the UK residential property advertising market. With limited opportunity to grow market share in the group's core segments, Rightmove is now looking to expand into new areas. Rightmove is a high-quality business, but is currently too expensive for bargain hunting value investors.
UK rents hit new record as Rightmove calls for more landlord investment
Britain's embattled renters are no strangers to daunting statistics, but the latest data from Rightmove PLC (LSE:RMV) will do little to assuage their anxieties. Average advertised rents outside of London hit a new all-time high of £1,314 per calendar month in the second quarter of 2024, according to the online property platform, indicating a 7% jump from the previous year.
M&S names Rightmove's Alison Dolan as CFO
British retailer Marks & Spencer said on Wednesday it has appointed Rightmove's Alison Dolan as its chief financial officer.
UK house prices hit fresh peak in May driven by pent-up demand
(Alliance News) - House prices hit a new record in May, with the number of sales up 17% on-year, as the momentum of the Spring selling season continued, figures on Monday showed. Rightmove's house price index showed the average price of property coming to the market for sale rose 0.8% in May to GBP375,131.The online property portal said pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home-mover activity despite mortgage rates remaining elevated for longer than anticipated.The number of sales being agreed during the first four months of the year is 17% higher than last year, outstripping the 12% increase in the number of new sellers coming to market.Nonetheless, the market remains price-sensitive with average asking prices just 0.6% higher than a year ago.Larger properties led the price growth, with average prices up by 1.3% compared with last year. Despite the uptick in prices, sales were taking an average of 154 days to complete, which Rightmove described as "painful".Rightmove’s Director of Property Science Tim Bannister said despite the latest increase "it's important to remember that prices overall are still only 0.6% ahead of this time last year"."The market remains price-sensitive, and with prices reaching new records in the majority of regions and mortgage rates remaining elevated, affordability for many home-buyers is still stretched," he added.Bannister expects that the improved market activity levels and conditions this year will result in higher transaction numbers at the end of 2024 than last year. But he bemoaned the length of time housing transactions were taking to complete, calling it a "frustrating barrier". "It may seem surreal to be thinking about Christmas in May, but we know that many would-be sellers picture celebrating the festivities in a new home, and to achieve that, now is the time to be coming to market," he pointed out.By Jeremy Cutler, Alliance News reporterComments and questions to [email protected] 2024 Alliance News Ltd. All Rights Reserved.
