20 March 2020
SUPPORTING OUR CUSTOMERS – UPDATE ON IMPACT OF COVID-19
Rightmove plc, the UK’s largest property portal today provides a further update as a result of the evolving COVID-19 situation.
Supporting our customers
The speed of the slowdown in the UK housing market has been significant. Notably the number of property transactions failing to complete in recent days and likely changes in tenant behaviour following the announcement of the renters' protections by the government may put further pressure on estate and lettings agents.
Although the likely duration of these market conditions is unclear, given this sudden challenge for customers Rightmove has chosen to offer more substantial assistance to support their businesses. This follows extensive dialogue we have had with many of them. We also firmly believe this rapid action is in the long term interests of our shareholders.
In recognition of the unprecedented environment we will today be contacting all our Agency, New Homes and Commercial customers to let them know that from April we will be discounting their invoices by 75% for the next four months, superseding our deferred payment offer.
The financial impact of these actions over the next four months will result in a reduction in revenue of £65m to £75m for the financial year ended 31 December 2020. The Board believes it is important to act quickly and we are able to implement this initiative given the strength of our balance sheet.
During this difficult time we will continue to innovate to make home moving easy for customers and home movers for our long term growth.
Peter Brooks-Johnson, CEO, commented:
“At Rightmove we are doing everything in our power to rise to the challenges of COVID-19. We have chosen to utilise our position to support our customers at this difficult time.”
Rightmove press office