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(Sharecast News) - Property portal operator Rightmove upgraded its earnings guidance on Friday after delivering revenue and profit growth in line with expectations, with the group pointing to strong execution, rapid product innovation and continued cost discipline despite challenging UK housing market conditions.
Rightmove now expects underlying earnings per share to grow at least 7% in 2026, up from previous guidance of at least 5%, while maintaining its outlook for revenue growth of 6% to 7% and underlying operating profit growth of at least 3%.
The upgrade comes despite ongoing pressure on the UK property market, with Rightmove saying rising mortgage rates and concerns over further Bank of England tightening had weighed on estate agent confidence, as buyer demand fell 10% and sales agreed dropped 9% year-on-year. Average house prices were 0.3% lower than a year earlier.
Rightmove said it continued to benefit from its market-leading position, with increased consumer engagement and strong partner retention. Estate agency retention stood at 92% at the end of October, while its AI-powered tools gained traction among both homebuyers and agents.
It also highlighted strong growth in strategic areas including commercial property, mortgages and rentals, while productivity improvements and AI-driven efficiencies supported profitability.
Looking ahead, Rightmove said it expects 2027 revenue growth to be similar to this year's level as subdued estate agency activity and weaker new homes development continue to weigh on the market. However, it forecast underlying EPS growth of at least 10% next year and reiterated plans to return more than £400m to shareholders between July 2026 and July 2027 through dividends and share buybacks.
As of 1035 GMT, Rightmove shares were down 1.24% at 543.60p.
Reporting by Iain Gilbert at Sharecast.com
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