Rightmove profits rise

eSTaTe agent Rightmove notched a 10pc rise in firsthalf profits despite jitters in the housing market.

The firm said profits increased from £98.1m to £108.1m in the six months to June 30, after sales rose from £131.1m to £143.9m.

It was despite a 4.6pc drop in the number of transactions, and a lengthening in the average time it took to complete deals. But Peter Brooks- Johnson, Rightmove’s chief executive, said: ‘home hunters continue to turn to Rightmove first to search and research properties in the only place you can see virtually the whole of the UK market.’

It came as rival property firm Foxtons warned of a ‘prolonged downturn’ in the London housing market.