The latest Rightmove results reveal that it has increased how much it receives in revenue from each agent every month by 10% year on year from £789 to £865.
It also says it has seen a 1% increase in the number of agencies listing with the portal, in part due to the number of Purplebricks Local Property Experts listing on the site as ‘branch equivalents’.
Rightmove says the price rise has come from an increase in prices and agents signing up to additional services, in particular its Optimiser product which helps an agent’s properties stand out more in their local area.
Some 2,000 member agents have signed up to the service thus far, up from 1,000 a year ago, and Rightmove says agents who sign up to the package spend a minimum of £1,500 a month compared to the £780 average revenue per agent spent by non-Optimiser agents.
Reporting on risks and uncertainties in the coming months within the UK housing market, Rightmove paints a relatively gloomy picture. It highlights how housing transactions were down 8% during the first six months of the year compared to last year, although it points out that transaction are up compared to the same period in 2015.
And while agents might grumble about the price hikes, its shareholders will be happy.
Revenue during the first half of year increased by 11% to £119.5 million, profits by 9% to £87.6 million and earnings per share by 12% to 68.4p per share.
Rightmove now has a record number of agents advertising on its site, up by 200 to 17,589 or 20,358 if new homes advertisers are included.
“Our aim has always been to help our agents and developers succeed by delivering great value marketing and building strong relationships to support their ambitions,” says CEO Peter Brooks-Johnson (pictured, left).
“This approach continues to serve us well as we have grown our customer base to an all-time high demonstrating that Rightmove is the site of choice, not only for Britain’s home movers, but also its property professionals.
“Home hunters visited Rightmove a record 3,000 times a minute in the first half of 2017, turning to us first to search and research on the only place you can see almost the entire UK residential property market.”
The site currently holds 1.1 million residential properties for sale and rent and that people visited the site 131 million times every month between January and July, up 3% compared to last year’s first six months.