(Reuters) -Rightmove, Britain's biggest property portal, surpassed first-half sales estimates on Friday, boosted by higher platform enquiries, but warned that its 10% growth is likely to slow in the
Rightmove Surpasses Sales Expectations but Anticipates Slower Growth Ahead
(Reuters) -Rightmove, Britain's biggest property portal, surpassed first-half sales estimates on Friday, boosted by higher platform enquiries, but warned that its 10% growth is likely to slow in the second half following record performance last year.
Easing mortgage rates and competitive pricing have revived buyer interest in the UK property sector and boosted queries, but inflationary pressures and broader economic uncertainty are weighing on consumer confidence and affordability.
The company still maintained its full-year revenue outlook, expecting growth of 8% to 10%.
"New Homes developers remain optimistic, although developments in the market remain at relatively low levels," the company said in its first-half update.
Revenue for the six-month period ended June 30 stood at 211.7 million pounds ($285.80 million), while underlying operating profit rose 9% to 151.3 million pounds.
That compares with analysts' expectations of 209 million pounds and 147.6 million pounds, respectively, according to a company-provided consensus.
Peel Hunt analysts said in a note that they "expect solid performance to continue into (the second half)."
($1 = 0.7407 pounds)
(Reporting by Raechel Thankam Job and Pushkala Aripaka in Bengaluru; Editing by Sherry Jacob-Phillips)
