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

Breaking News

Breaking Property News 17/07/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Correct pricing and being “sales ready” now essential for speedy transactions  UK house prices have slipped into a largely unexpected tailspin. Zoopla reports that annual growth dropped to 1.4% in May 2025, while Nationwide observes a 0.8% drop in average value between May and…
Read More →
Breaking News

Million home value boom

1m UK homes see value increases of 50 per cent or more in the last five years,  an average gain of £117,400   Eight in ten UK homes increased in value by over five per cent or more, an average increase of £60,800, with house values seeing a gradual increase since the 2020 pandemic Over…
Read More →
Breaking News

Homebuyers saving over £4,000 in SDLT despite increase

Homebuyers saving over £4,000 in stamp duty despite threshold increase, by opting for this particular property type The latest research from over-50s property specialists, Regency Living, reveals that homebuyers opting for a park home instead of a traditional bricks-and-mortar property are an average of £4,316 better off due to not having to pay Stamp Duty…
Read More →
Breaking News

Industry reacts to latest Gov HousePrice Index

The latest index shows that: – The average monthly rate of house price growth in May rebounded to 1.1% following the -2.7% decline seen in between March and  April. The average annual rate of house price growth in May was up 3.9%. As a result, the average UK house price is now £269,000.   Colleen…
Read More →
Cozy Pet Cat Tree Grey
Breaking News

Renter’s Rights Bill pet u-turn creates more questions than answers

The latest U-turn in the Renter’s Rights Bill (RRB) concerning pet ownership may temporarily protect landlords from the cost of pet-related damage, but it leaves major questions unanswered, warns Inventory Base, the UK’s leading property inspection platform. As confusion grows around whether the proposed pet deposit amendment will pass, the industry is left in limbo,…
Read More →
Breaking News

Landlords See Higher Net Returns

Landlords See Higher Net Returns Despite Rising Start-Up Costs and Falling Buy-to-Let Incomes New research from Dwelly, one of the UK’s leading lettings acquisition and success planning experts, reveals that, despite an increase in start-up costs and a reduction in total buy-to-let income, the average UK landlord has seen an improvement in net returns when…
Read More →