Rightmove has found itself living in increasingly cramped accommodation of late. Once free to roam the property market as it pleased as the de facto search website, it now has to share digs with a host of upstart rivals, from ZPG, the former Zoopla, to Purplebricks, Onthemarket and Emoov.
Not only that, its main customers are estate agents, battling massive pressure on costs in a market mired in uncertainty in the run-up to Brexit. For these reasons, Rightmove’s shares, which peaked in late June at 535p, have since lost more than a fifth of their value, although they have come back over the past fortnight as some in the market, including at UBS, began to believe that they had been oversold.
Rightmove is languishing perilously