Rightmove's Profits Report

The Property Estate Agency Portal, Rightmove announced its figures yesterday.

The company said revenue rose 69% to £56.7m in the 12 months to December, boosting pre-tax profit from £7.27m to £27.1m. A staggering amount of money.

The interesting point is that houses are staying on the site slightly longer than previously up to 93 days compared to 78 last year.

Rightmove have a good business model , charging users for the time they stay on the site.

Incentives Available with New Homes

The incentives provided by house builders have had to increase to attract purchasers.

In a bid to stem the reducing levels of reservations, which both Persimmon and Barratt are reporting are down 20%, a variety of offers are being made available.

Barratt are offering first time buyers the opportunity to buy 100% of the property for 75% of the purchase price as part of their interest free loan scheme.

Despite viewings holding firm, the number of new starts has decreased compared to last year by up to 40%.

As an indication of the type of deals on offer, one purchaser reported in the Times bought a property from Fairview had her 5% deposit paid by the developer, gave her £1,000 cash back and furnished the flat with £5,000 worth of goods, including linen and cutlery.

Meanwhile B&C Developments in Hampshire are offering a BMW worth £19,000.