Buoyant UK housing market boosts Rightmove

30th Jul 2014 11:04

The UK housing market is continuing to grow despite a mortgage lending clampdown, boosting half-year profits at property website Rightmove.The market had improved so far in 2014 with year-on-year transactions up by a quarter and an increasing number of customers, Rightmove said in its results for the six months to June 30th.Rightmove said enquiries made via its site to agents had increased 27% to a record 22.3m and the number of advertisers had increased by 570 or 3% to 18,995 against 18,425 at the end of last year.Underlying operating profit rose 22% to £59.6m on a 20% increase in revenue to £80.4m.Underlying earnings per share lifted 24% to 47.5p and the group increased its interim dividend by 2p to 13p.The news comes despite recent signs of a slowdown in the market as policy-makers and the Bank of England have capped loan-to-income ratios and forced lenders to take more account of borrowers' ability to repay mortgages if interest rates rise.Rightmove said July trading had been similar to the first half of the year and it was confident of matching its full-year expectations.Chief Executive Nick McKittrick said: "Rightmove's popularity goes from strength to strength, with home hunters visiting more often and looking at more property than ever." Shares rose 38p or 1.7% to 2303p at 10:30 in London.PW