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Rightmove cuts 20% of jobs
baby_boomer
Posts: 3,883 Forumite
This is the first time that RightMove has cut its workforce.
Reuters
".........The property search website said it will reduce its cost base for 2009 by approximately 5 million pounds, though it will increase its marketing spend by up to 1 million pounds. "The scale (of the job cuts) reflects the company's view that the current challenges will continue through 2009, though not at any worse level than we have previously indicated,"
CityWire
"....Rightmove said it will refocus its business on the national and regional house builders as well as the growing housing association market, with less focus on more speculative individual developments and property conversions. It also said it will scale back the Rightmove Overseas business to reflect a decreased demand for property in continental Europe..."
Hemscott - Chart of Rightmove's share price as it continues to hit record lows
And how long before the trickle of Estate Agency closures becomes a flood?
MSE link - EA closures
Reuters
".........The property search website said it will reduce its cost base for 2009 by approximately 5 million pounds, though it will increase its marketing spend by up to 1 million pounds. "The scale (of the job cuts) reflects the company's view that the current challenges will continue through 2009, though not at any worse level than we have previously indicated,"
CityWire
"....Rightmove said it will refocus its business on the national and regional house builders as well as the growing housing association market, with less focus on more speculative individual developments and property conversions. It also said it will scale back the Rightmove Overseas business to reflect a decreased demand for property in continental Europe..."
Hemscott - Chart of Rightmove's share price as it continues to hit record lows
And how long before the trickle of Estate Agency closures becomes a flood?
MSE link - EA closures
0
Comments
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I've discovered that there are EA's who don't put everything on Rightmove or update their entries.
It's still worth a look - using property Bee!
Can't remember if I've said this - but the town we really wanted to live in - which was always too expensive - has become affordable!
We will still wait and rent first.0 -
moanymoany wrote: »Can't remember if I've said this - but the town we really wanted to live in - which was always too expensive - has become affordable!
We will still wait and rent first.
That's great news;)Turn your face to the sun and the shadows fall behind you.0 -
baby_boomer wrote: »This is the first time that RightMove has cut its workforce.
Reuters
".........The property search website said it will reduce its cost base for 2009 by approximately 5 million pounds, though it will increase its marketing spend by up to 1 million pounds. "The scale (of the job cuts) reflects the company's view that the current challenges will continue through 2009, though not at any worse level than we have previously indicated,"
CityWire
"....Rightmove said it will refocus its business on the national and regional house builders as well as the growing housing association market, with less focus on more speculative individual developments and property conversions. It also said it will scale back the Rightmove Overseas business to reflect a decreased demand for property in continental Europe..."
Hemscott - Chart of Rightmove's share price as it continues to hit record lows
And how long before the trickle of Estate Agency closures becomes a flood?
MSE link - EA closures
But don't they get paid on houses advertised not sold?0 -
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baby_boomer wrote: »So even that business model is under strain
That must mean less houses are coming on the market then.
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So even lack of supply is failing to stop the downward market spiral
What happens when they all realise that this is not a temporary "blip" ? :eek:0 -
or people are in no rush to sell and only a few desperate people are selling and dropping their prices 0
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That must mean less houses are coming on the market then.
Maybe it means they are having to cut their prices per house advertised? I've no idea, it's just a suggestion....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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