Investors betting against the mighty beast that is Rightmove have rarely found vindication in the 16 years since the business was listed on the main market. Between then and hitting a record peak at the end of last year, the shares rose 140 per cent in value, momentum that at one point during the pandemic afforded the shares an eye-watering forward earnings multiple of almost 58.
But the Rightmove bears must be feeling smug right now. The latest peak-to-trough fall in the shares is approaching the 43 per cent crash that preceded the onset of the national lockdown in 2020. Rising interest rates and concerns that falling real incomes could cause a more dramatic decline in housing transaction volumes and sales prices has resulted in
