StockMarketWire.com - Property portal Rightmove said it would continue to offer discounts to customers through August and September as the Covid-19 crisis weighs on home sales.

Rightmove had already offered all of its agency and new homes customers a 75% discount between April and July.

The government had advised on 13 May that agents and new homes developers could reopen in England.

However, the company said despite the positive consumer reaction, it took three months on average for housing transactions to complete, hurting the cash flows of agents.

Rightmove said it would offer agency customers in England a 60% discount for August and 40% for September.

The property market in Wales started to reopen on 22 June and Scotland was set to reopen on 29 June.

Support to customer in those markets would involve a 75% discount for August and 60% for September.

The financial impact of the extended support over August and September would cut revenue by £17m-to-£20m, in addition to the £65m-75m revenue impact of the discount for the period April to July.

On a positive note, Rightmove said home hunter demand following the reopening of the housing market has been strong.

'We have seen all 10 of our busiest days ever on the platform since 13 May,' the company said.

'We have also seen the 10 days with the most leads sent over the same period.'

'Sales agreed are currently over 10% higher in England than a year ago, albeit that some of this is the result of activity being paused due to lockdown.'


At 8:12am: [LON:RMV] Rightmove PLC share price was +0.5p at 589.5p



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