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With over 80% market share, Rightmove has established itself as the go-to platform for buying, selling, or renting residential property in the UK.

But what factors drive Rightmove’s share price? And is the stock a good investment as we head into 2024? 

In this article, we’ll analyse Rightmove’s stock performance over the past year and examine the key drivers that could impact the shares in the future. 


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Overview of Rightmove PLC


A person interacting with a hologram displaying a logo of a house and its details


Founded in 2000, Rightmove has become the largest property portal in the UK by online traffic. 

The company aggregates property listings from estate agents, allowing buyers and renters to search and compare homes for sale or rent in a convenient marketplace. 

Rightmove also provides value-added services to agents, landlords, and developers to enhance their exposure and connect them with motivated buyers.

Rightmove operates on a fee-based model, charging subscription fees to real estate agencies to list properties on its platform. Due to its dominant market position and importance for agencies, Rightmove enjoys strong brand recognition and loyalty among estate agents. 

The company also generates revenue through advertising and other services that help match buyers with their ideal property.

Rightmove plc was listed on the London Stock Exchange in 2006 and is currently a constituent of the prestigious FTSE 100 index, highlighting its status as a UK blue-chip company. 

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Rightmove Share Price’s Performance in 2023

Here’s an outline of Rightmove’s stock price in 2023:

  • Never Ending Volatility - The Rightmove share prices experienced ups and downs over the year, trading in a wide range from a high of 615p to a low of 473p. This volatility reflects the uncertainty in the broader economy and housing market.
  • Peak in February - The stock peaked at 615.40p in February 2023, likely buoyed by robust housing data early in the year.
  • Sharp Spring Decline - From the February peak, the Rightmove share price steeply declined as rising rates/inflation weighed on housing. The stock shed over 10% in both March and May.
  • Brief Summer Recovery - The Rightmove share price bounced back moderately in June and July, potentially helped by seasonal strength in the property market. But gains remained limited.
  • October Plunge - The most significant blow came in October, as the stock crashed over 20% to just 473p. Deteriorating economic forecasts likely damaged investor confidence.
  • Slight Winter Rebound - November and December saw a small recovery, but the Rightmove share price remained depressed heading into 2024. Over the year, shares lost nearly 6% of their value amidst housing headwinds.

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Rightmove Share Price Outlook for 2024

With Rightmove’s shares under pressure throughout most of 2023, investors may wonder if the stock can rebound in 2024 or if further declines could happen. Several factors could drive Rightmove’s performance:

The Health of the UK Housing Market

Rightmove’s fortunes are closely tied to the strength of the housing market. More property transactions mean more activity on Rightmove’s platform and stronger revenue. 

After a resilient 2022, the 2023 housing market slowed down amidst growing economic uncertainty. This softness filtered through to Rightmove’s stock. 

If uncertainty persists and homeowners delay sales, it could continue to weigh on the Rightmove share price performance. However, if sales stabilize in 2024, it could provide a lift.

Interest Rates and Mortgage Affordability


Two miniature houses positioned on a heap of coins


Higher interest rates through 2022 and 2023 have impacted mortgage affordability and home prices. 

With Bank of England rates expected to remain relatively high in 2024, financing costs will continue impacting buyers. Since expensive mortgages deter transactions, ongoing rate hikes could hamper Rightmove if buyers delay purchases. 

However, the market may also have priced in rate expectations, limiting the downside if hikes unfold as forecasted.

Broader UK Economic Conditions

As a UK-focused business, Rightmove is sensitive to domestic economic conditions. Recession fears grew over 2023, compounded by soaring inflation and the UK’s post-Brexit economic adjustment. 

If the UK enters a recession and struggles through 2024, shrinking consumer confidence could affect the housing sector. 

Yet, if the economy proves resilient and avoids a technical recession, it may lift consumer sentiment and support the property market.

Competition in the Industry

Rightmove enjoys a leading market share as the UK’s dominant online real estate portal. Competitors like Zillow, PropertyPulse, Loopnet, and more trail significantly. 

Nevertheless, any rise in competition could pose a risk. Innovations from rivals or market entries by international players could threaten Rightmove’s position. 

Staying ahead with superior technology and service will be vital in maintaining its leadership

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Financial Performance and Company Strategy


Professionals in a meeting engaged in discussions, with one person delivering a presentation


Naturally, Rightmove’s own operational and financial performance will impact its shares. Investors will watch closely for signs that Rightmove can drive advertiser growth and revenue despite housing headwinds. 

Profitability, margins, debt levels, and forward guidance will also steer sentiment around the Rightmove share price. 

Progress on Rightmove’s strategic goals and product roadmap will likewise be essential to watch in 2024.


Final Thoughts

There are reasons for optimism and caution regarding the Rightmove share price in 2024.

On the positive side, Rightmove retains its dominant position as the UK’s leading property portal, and the housing market could stabilize from 2022-2023 declines. 

If mortgage rates level off, affordability may improve and support demand. Rightmove may also demonstrate financial resilience through housing fluctuations.

However, risks persist, including the potential for further economic weakness in the UK, ongoing high interest rates, depressing activity, and emerging competitive threats. The housing market outlook appears uncertain.

While Rightmove remains a strong business with leadership in its niche, the UK housing market’s headwinds could continue to create volatility in its share price. Whether it is a buy or not still depends on your risk appetite.

Traders may want to monitor housing data, interest rates, and Rightmove’s financials before deciding on the stock’s prospects. As always, thorough research and diversification are advised before trading. 

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“When considering “CFDs” for trading and price predictions, remember that trading CFDs involves a significant risk and could result in capital loss. Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be considered investment advice.”

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