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Property Website To Make 20 Per Cent Of Workforce Redundant

Wed, 29 Oct 2008
Rightmove, the UK’s leading property search website, is to axe a fifth of its workforce due to the deepening crisis facing British estate agents .

The company said that the redundancies are in response to the downturn in the UK housing market and are expected to save around £5 million in staffing costs.

"The scale reflects the company's view that the current challenges will continue through 2009," it added.

UK estate agents are facing the worst crisis to hit the industry for more than 30 years, with tumbling sales and plummeting house prices continuing to dry up business .

Rightmove generates most of its revenues from fees paid by estate agents to advertise on its website . Around 90 per cent of homes for sale in the UK (over 1 million properties) are advertised on the site.

But earlier this month, an online poll showed that more than 75 per cent of UK estate agents are threatening to remove properties currently listed on the website due to the hefty subscription fees, which can be as high as £500 a month per estate agent .

At the top of the housing boom, it would receive more than 35m visits a month but business has collapsed over fears of a looming recession .

Rightmove management said that it plans to spend around £1 million on marketing and focus more on national and regional house builders and the growing housing association market. It also plans to cut back on its continental Europe business .
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