July 30 (Reuters) - Rightmove's half-year profit
surpassed pre-COVID levels due to a buoyant housing market and
reversal of discounts offered last year, the British real-estate
portal said on Friday while projecting strong sales for the rest
A tax break for house buyers among other government
incentives helped boost the UK housing market during the
pandemic, while cheap loans and a preference for larger homes
from buyers also supported the housing momentum.
Rightmove said it saw healthy growth in average revenue per
advertiser on its platform, and record low levels of churn or
defections by real-estate agencies to other platforms, adding
that it expects the rest of the year to "follow a broadly
Rightmove, the UK's No.1 portal by time spent on the
platform, said ARPA jumped 63% to a record 1,163 pounds
($1,621.45) per month. In 2019, it reported monthly ARPA of
The company had offered steep discounts last year to agency
and new-home customers during the early days of the pandemic.
UK house prices have surged in recent months as customers
rushed to buy homes before the tax break started tapering off
from June-end, while most homebuilders have forecast robust
demand to persist going forward.
The FTSE 100 firm said operating profit came in at 114.9
million pounds for the six months ended June 30, compared with
61.7 million pounds a year earlier and 108.2 million pounds
reported for the first half of 2019.
($1 = 0.7173 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru, Editing by