11/18/08

Is Rightmove.co.uk heading for a takeover attempt? A U.K. property Web site says so. Estate Agent Today says the trigger for the speculation is the continuing flight of Realtors from the Rightmove site – 500 since July and between 250-300 every month since.

All told, nearly 2,000 agents have left the site in the last year, Rightmove said in an interim statement that covered the period from July 1 – Nov. 13. That brings agency membership down to 10,700 from 12,600.

Rightmove says that three out of four agents who have left the site have either gone out of business or failed to keep up with the membership fees. And the news gets worse. A poll, conducted by Estate Agent Today, reports that 75 percent of agents say they plan to leave Rightmove when their contracts come up for renewal.

Could it get any worse. Yes. Rightmove has also seen a drop in new home listings because of a decision by two major developers not to advertise on the portal. With other ad declines, the site is down 9 percent from this time a year ago.

Who might take over the beleagured site? Estate Agent Today suggests an American hedge fund owner who is already a shareholder and who appears to have been building up shares and voting rights.

The complete interim management statement from Rightmove is here: