Rightmove has performed a complete U-turn on its deferred payments scheme and announce that it will be refunding all its customers invoices by 75% for the next four months, the first time it has reduced its fees since being established in 2000.
The dramatic announcement was revealed to the stock market this morning, and Rightmove says it has come to the decision after listening to its customers, and witnessing a significant slowdown in the speed of the UK housing market.
“Notably the number of property transactions failing to complete in recent days and likely changes in tenant behaviour following the announcement of the renters’ protections by the government may put further pressure on estate and lettings agents,” the company says.
The decision also follows howls of protest from many estate agents groups, individuals and companies, and it is understood that its CEO Peter Brooks-Johnson (pictured) has been speaking on the phone to many leading estate agents over the past two days, and been given an ear bashing.
The 75% reduction in fees will run from April until July will be for all its customers including agency, new homes and commercial property customers.
Rightmove says this will decrease its revenues this year by up to £75 million.
“At Rightmove we are doing everything in our power to rise to the challenges of COVID-19. We have chosen to utilise our position to support our customers at this difficult time,” says Brooks-Johnson.