So much for the cooling market, it certainly ain't cooling online, with Extate's new money and Rightmove's expanding profit margin, certainly the right place to be investing - at least for the moment:
[Reuters]
Rightmove Plc, which runs Britain's busiest property website, reported on Friday 13.2 million pounds ($26.5 million) in underlying operating profit for the six months to end June, as the number of advertisers rose by 26 percent and visits to its property website increased by 58 percent.
"We expect to generate a similar level of year-on-year growth in the second half ... Property agents have to sell houses in a slowing market, and so they are doing promotions ... We do not see any noticeable deterioration in our business," Managing Director Ed Williams told reporters.
He said the length of time properties were staying on the market was rising, however.
Britain's housing market has slowed as five interest rate increases in less than a year to 5.75 percent and expectations of another hike to 6 percent damp buyer interest.
Rightmove earns subscription fees from its customers such as estate agents, rental agents and new home developers in exchange for allowing them to advertise properties, new developments and rental properties.[more]
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