Rightmove celebrates record year

Property website Rightmove has hailed the best year in its history after increased spending by estate agents fuelled a 43% surge in profits.

Despite a marginal increase in membership numbers, Rightmove said average spend by advertisers jumped by £71 a month to £379 last year as customers worked harder to sell properties in the current lacklustre housing market.

While Rightmove expects the sector to remain subdued in 2011, it said healthy trading in January and February pointed to another year of growth.

Rightmove, which posted record pre-tax profits of £52.2 million for 2010 on revenues 26% higher, said it had been the “busiest year in its history”.

Managing director Ed Williams added that 2011 had started with record levels of activity on the Rightmove website.

He said: “Almost every day since the first working Monday of the year has seen stronger site traffic than on any other day prior to 2011. January 2011 has seen us send a record number of inquiries to our advertisers.”

Rightmove’s membership numbers stood at 18,042 at the end of 2010, up 2% on 2009.

Last year’s performance will mean Mr Williams and chief operating officer Nick McKittrick will pick up a cash and shares bonus of more than £430,000 each.

They have also been granted share options – worth around £869,000 for Mr Williams and more than £760,000 for Mr McKittrick – which can be exercised depending on earnings targets.

Rightmove has emerged relatively unscathed from the market slump following the financial crisis, which forced swathes of estate agents out of business, with up to 300 estate agents quitting the service each month at one stage in 2008.