Many house-hunters will know how Rightmove feels: ambition stymied by the state of the wider property market and the actions of other professionals. Would-be homebuyers bemoan slow conveyancing work and lazy mortgage brokers; investors in the property listing site were hurt in October by the £99 million takeover of a rival online platform, OnTheMarket, by the global property data giant CoStar. The fear was that the new owner would invest heavily to steal a chunk of Rightmove’s territory.
The FTSE 100-listed Rightmove traded above £8 two years ago, and at £6 earlier this year; it is now changing hands for about £5.60. In part, that is because CoStar clearly has the British firm in its sights, explicitly referencing it on five separate occasions in its
