Rightmove plc (LSE:RMV) has raised its full-year underlying earnings per share growth forecast to at least 7%, from a previous minimum of 5%, while maintaining its revenue and operating profit expectations despite continued weakness in the UK property market.
The property portal expects revenue growth of between 6% and 7% for 2026, compared with its previous guidance range of 6% to 8%. Underlying operating profit is forecast to increase by at least 3%, within the previously indicated range of 3% to 5%.
In a trading update covering the four months ended October 31, 2026, Rightmove said higher mortgage rates, weaker buyer confidence and reduced activity in the new homes market continued to constrain near-term revenue growth.
However, the company reported continued progress in product development, artificial intelligence adoption and operational efficiency, supporting its expectations for stronger earnings growth in 2027.
AI Tools Drive Consumer Engagement and Estate Agent Adoption
Rightmove reported increased engagement with its artificial intelligence products following the expansion of its Ask Rightmove conversational AI platform.
The company introduced a Comparison Assistant in October, complementing its existing Search and Evaluation features.
Consumers using Ask Rightmove spent more than twice as long on the platform, saved three times as many properties and generated more than three times as many leads compared with users who did not engage with the AI tools.
Enhancements to the Rightmove app also supported increased use of property tracking, location and mortgage features.
Approximately 90% of leads generated through the app now come from signed-in users, representing a record level.
Rightmove maintained its leading position in consumer engagement, accounting for 90% of time spent on property portals according to Comscore and 76% according to SimilarWeb and Sensor Tower.
More than 85% of traffic originated from organic or direct sources, while large language models accounted for less than 1%.
Rightmove IQ Expands Across Estate Agency Partners
The company continued rolling out its Rightmove IQ suite of AI-powered tools for estate agents.
Call transcription is now available to all estate agency partners through Rightmove Plus, with more than two million calls transcribed since the feature launched towards the end of the third quarter.
Its Call Intelligence product, available to Optimiser Edge partners, has processed more than one million calls using AI-generated summaries and feature identification.
The Rightmove Plus AI Assistant has also been used by approximately 14,000 estate agents following the introduction of property performance summaries.
Additional product developments included a new Premium Listing service and trials of virtual tour requests for rental properties.
Estate agency partner retention stood at 92% at the end of October, compared with 93% a year earlier, representing the second-highest retention level recorded over the past decade.
Rightmove also reported continued growth across its strategic business areas.
Mortgage-in-principle submissions increased by more than 50% year on year, while rental partners received four times as many Enhanced Leads.
The company’s Commercial Leader Advantage offering also recorded increased adoption among commercial property partners.
Higher Mortgage Rates Weigh on UK Property Demand
Rightmove said housing market conditions had weakened since its interim results in July, reflecting higher borrowing costs and reduced consumer confidence.
The average five-year fixed mortgage rate increased to 5.5% at the end of October, compared with 5.0% at the end of June.
Following the Bank of England’s latest interest rate increase, market expectations pointed towards further rate rises during 2027.
Buyer demand in the resale market declined 10%, while agreed sales fell 9% compared with the previous year.
Record levels of available housing stock also contributed to downward pressure on prices, with the average asking price 0.3% below its level a year earlier.
The rental market remained comparatively resilient, with increased enquiries per available property and rental prices rising 2.9% year on year.
New-build activity remained subdued, with the number of developments on site declining 6% from the end of 2025.
Rightmove said the Government’s proposed Your First Home scheme had improved sentiment among housebuilders, although any material benefit to construction activity was unlikely to emerge until later in 2027.
Revenue Growth Forecast at 6% to 7% for 2026
Rightmove expects average revenue per advertiser (ARPA) to increase by between £100 and £110 during 2026, compared with its previous forecast of £110 to £120.
The reduction reflects weaker developer spending in the New Homes segment, with no change to expectations for estate agency ARPA.
Revenue from New Homes is expected to decline compared with 2025, as fewer developments are only partially offset by higher revenue per advertiser.
Membership guidance remains unchanged, while revenue growth across Strategic Growth Areas is expected to remain between 20% and 30%.
For 2027, Rightmove anticipates revenue growth broadly similar to 2026, reflecting the continued effects of weaker housing market activity.
However, the company expects underlying operating profit growth to accelerate to between 4% and 7%, supported by new products, productivity improvements and cost control.
Its operating margin is expected to remain at least 67%, while underlying earnings per share are forecast to increase by at least 10%.
Rightmove also reported more than 60% growth in product releases during the four-month period and expects further productivity improvements from AI-assisted development.
Shareholder Returns Expected to Exceed £400 Million
Rightmove reiterated plans to return more than £400 million to shareholders between July 31, 2026, and July 31, 2027.
Since the beginning of that period, approximately £125 million has been distributed through a £30 million interim dividend and £95 million in share repurchases.
The company expects to complete a further £80 million in buybacks before the end of 2026.
The capital return programme is partly supported by a recently agreed revolving credit facility.
Chief Executive Johan Svanstrom said the company’s resilient financial performance and investment in technology were supporting earnings growth despite difficult market conditions.
He highlighted the expansion of AI-powered consumer and estate agent services as an important component of Rightmove’s longer-term strategy.
Board Appointments Confirmed
Rightmove also confirmed that David Thomas had joined the board as an independent non-executive director on November 6, ahead of his previously scheduled January 2027 appointment.
Thomas brings experience in the housebuilding industry, which the company said would be relevant as the Government develops its Your First Home programme.
Rosemary Leith joined the board on October 1, bringing expertise in technology, artificial intelligence and digital governance.
Amanda James has also been appointed to the Remuneration Committee, effective November 6.
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