Jefferies has recently downgraded Rightmove, a prominent UK property portal, citing several key statistics. The downgrade reflects concerns over Rightmove’s market position and future growth prospects. Notably, Rightmove’s share price has experienced a 10% decline over the past year. Additionally, the company’s revenue growth slowed to just 2% in the last quarter, a significant drop from the 10% growth seen in the previous year. This slowdown is attributed to a cooling UK housing market, where property transactions fell by 15% year-over-year. Moreover, Rightmove’s average revenue per advertiser (ARPA) increased by only 1%, compared to a 5% rise in the prior period. These figures underline the challenges Rightmove faces in maintaining its market dominance amidst a shifting real estate landscape.
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