FTSE listed company already takes applications, now adds new "important strategic step"
Rightmove, the UK’s largest online real estate property portal, has announced its plan to offer broker advice to homebuyers through its website, further expanding its mortgage business.
Since last year, the FTSE 100 company has been working with Nationwide Building Society to offer a digital mortgage application process through its website, with Rightmove earning through a revenue share model.
Rightmove said it “took an important strategic step” by recently launching its first broker product, enabling consumers applying for a mortgage to access brokered advice through the website.
UK property portal Rightmove adds broker advice to its mortgage business https://t.co/MW2zEOSxUZ pic.twitter.com/TUVgsZ1rfz
— Reuters UK (@ReutersUK) November 27, 2023
With plans to grow sales from the mortgage segment to £25 million by 2028, the company said it would start working with a small number of estate agents’ brokers to work out how to maximise the benefit to estate agents and home movers as they develop the proposition.
“That (mortgage business) has grown strongly, and now we are expanding that service in partnership with one of our estate agent broker services – their financial arm – to offer even more choice to consumers at a time where interest rate policy has been so changeable,” a Reuters report quoted Rightmove chief executive Johan Svanstrom (pictured) telling BBC Radio.
According to Rightmove, there were over 2.3 billion visits to its property search website last year, with people spending more than 16.3 billion minutes searching for properties on the online platform.
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