Rightmove says sales from its mortgage business jumped 130% from a year ago, following the launch of its first broker product.
“We will continue to invest in innovation for both our consumers and our customers, and into accelerating our strategic growth areas of commercial real estate, rental services and mortgage lead generation, while maintaining disciplined cost management,” the firm says in its full-year statement.
It adds: “Our ambitions are to further invest into, and digitise, our existing but smaller business areas.
“These include enhanced advertising in the commercial real estate market, capturing value from our unique property data, improving the rental journey and offering a range of mortgage-related products.”
The FTSE 100 company has already worked with Nationwide, offering a mortgage-in-principal application on the property website.
Rightmove chief executive Johan Svanstrom says: “We reshaped our strategy during 2023, setting out a plan to further digitise the property sector, expand our business, stretch our brand and accelerate the financial performance long term.”
However, the portal’s mortgage services currently remain a small part of its property advertising business.
Overall, the firm says its pre-tax profit lifted 7.1% to £259.8m from a year ago, as advertising sales rose.
Its average revenue per advertiser has risen 9% to £1,431 per month over the last year.
The firm’s membership slipped 1% to 18,785 members, while customers spent 15.4 billion minutes on the platform in 2023, down 5.8% on the year before.
