Breaking Property News 02/09/24

September 2, 2024

Daily bite-sized proptech and property news in partnership with Proptech-X.

 

The Australian based REA Group announces its intention to acquire UK’s Rightmove

Rightmove whose fortunes have been in the doldrums, as they failed to re-invent themselves, instead just inflating the annual cost of agency licences, has been thrown a lifeline in the shape of a formal announcement that the REA group, owned majoritively by the Murdochs vehicle News Corp wants to buy them.

It would be ironic if REA became the new owner as over 60% of REA is owned by News Corp which is of course an American mass media and publishing company owned by the Murdochs, so Rightmove which was set up as a digital antithesis of the power held by traditional print newspaper publishing, might go full circle and be owned by the Murdochs.

Interestingly News Corp shares went retrograde on this Rightmove news, (it might be a sign) though of course the instant upside for Rightmove is a whopping 20%+ uplift in their share price today.

What is more interesting is to tease out if the newish CEO Johan Svanstrom coming into Rightmove in February 2023, 18 months ago was part of a strategic play to get the company ready for sale, which would show long-term planning, or was it just coincidental. Then of course we have the fact that Alison Dolan the Chief Financial Director at Rightmove resigned on the 29th of May 2024, which supposedly wrongfooted the Rightmove Chair. Again is this just coincidence?

Well, the clock is ticking and in a month we will see if a formal bid lands or if this is just the first round of what may be a protracted campaign, for sure the CoStar Group has mixed up the portal landscape in the UK, the other interesting thought is will Zoopla be next in line for a sale, watch this space.

 

Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

You May Also Enjoy

Estate Agent Talk

How Technology is Changing the Prime Property Viewing Experience

The world of luxury real estate has always been about delivering a premium, personal experience. But in today’s rapidly evolving digital landscape, even the most traditional sectors are being reshaped by technology—and prime property viewings are no exception. From augmented reality to AI-driven virtual tours, the way buyers interact with high-end properties has changed dramatically.…
Read More →
Love or Hate Rightmove
Breaking News

Average two-year fixed mortgage rate for 60% LTV now cheaper than five-year rate

The average two-year fixed mortgage rate for those with a 40% deposit (60% LTV) is now cheaper than the average five-year fixed equivalent, the first time this has happened since the mini-Budget The average two-year fixed, 60% LTV mortgage rate is now 4.18%, while the five-year equivalent is 4.19% The gap between average two-year fixed…
Read More →
Overseas Property

How UK Property Investors Can Manage Exchange Rate Risk When Buying Off-Plan Overseas

Off-plan purchases are especially common in developing overseas property markets with a high proportion of international investors. In these less mature markets, a significant share of stock is sold directly by developers, making off-plan transactions a natural sales model. These opportunities appeal to international buyers because they typically require less upfront cash due to extended…
Read More →
Breaking News

Foxtons Lettings Market Index – March 2025

London rental market gains momentum as new rental listings surge, Foxtons data shows   March saw a 14% increase in new rental listings across London compared to February Applicant registrations rose by 11% month-on-month in March. Year on year, demand was stable, tracking just 2% below March 2024 levels The average rent in March stood…
Read More →
Breaking News

UK’s mid-market firms show improved business growth in March but economic uncertainty continues

Key findings: NatWest’s Mid-market Growth Tracker shows improved business growth in March, led by a strong service sector performance SMEs register a softer decline in output levels during March Market conditions remain challenging and we could see continued challenges in the coming months   Mid-market businesses continued to outperform the wider UK economy in March,…
Read More →
Breaking News

ONS Private rent and house prices UK – April 2025

The Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. The UK House Price Index measures house price inflation. Main Headlines Average UK monthly private rents increased by 7.7%, to £1,332, in the 12 months to March 2025 (provisional estimate); this annual growth rate is down from 8.1% in…
Read More →