Rightmove hits 10-year high in agent retention as AI drives revenue growth

Rightmove strengthens market position with record agent retention

Rightmove has reported its strongest first-half agency retention rate in over a decade, achieving 96% retention whilst growing estate agency revenue by 9% during the first half of 2026. The property portal's expanded AI-powered product suite and premium package uptake drove the performance, with agency membership increasing by 1% as agents upgraded to higher-tier offerings.

Total revenue climbed to £225.8m, up 7% year-on-year, supported by strong demand for incremental products across both the Core Agency and New Homes divisions. Average revenue per advertiser (ARPA) grew 8% in the Agency segment to £1,636, with average products per agency branch increasing 14% since the same period last year.

Chief Executive Johan Svanstrom commented on the momentum: "Our platform continues to deliver increased value to partners and consumers. H1 2026 has seen strong business and product results: we delivered our highest H1 retention in more than a decade, agency membership grew 1% and our investment in agentic-powered solutions is showing results."

AI innovation delivering measurable lead generation gains

Rightmove's AI-enabled online valuation tool has emerged as a particular success, generating around 50% more unique valuation leads for estate agents—marking the fastest revenue growth from any new product launch. The tool's rapid adoption underscores agent appetite for technology that directly improves business outcomes.

The company's recently launched "Ask Rightmove" conversational search feature has also performed strongly with consumers, with early data showing a 40% uplift in average time on site and approximately double the propensity to send leads compared to traditional search. These metrics suggest the AI investment is improving both consumer engagement and lead conversion rates for agents.

Product innovation remains a cornerstone of Rightmove's strategy, with the company releasing 40% more technology products and enhancements during H1 2026 than the prior year. The platform now has 46 AI initiatives under development, with new AI-powered workflow tools for estate agents expected during the second half of 2026. Over 4,000 technology releases were delivered in the period, with 100% of applications now running in the cloud.

For agents looking to stay informed about market-leading technology and competitive positioning, understanding key platform dynamics becomes increasingly important for business planning.

New homes weakness offsets strong agency performance

Despite impressive gains in the agency business, Rightmove revised its full-year revenue growth guidance downwards to between 6% and 8%, from previous guidance of 8% to 10%, citing continued weakness in the new homes sector. The number of new-build developments fell by 6% compared with the prior year, with new developments coming to market at their lowest levels in over a decade.

New Homes membership declined 4% during the first half, reflecting developer challenges during a particularly difficult period for the housebuilding sector. However, Rightmove maintained strong developer retention and increased ARPA by 7% in this division through premium package uptake, demonstrating the value proposition for builders despite challenging market conditions.

Operating profit increased 2% to £148.2m, with underlying operating profit up 3% to £155.1m, supported by continued cost control. The company expects underlying operating margin of 67% for the full year.

Shareholder returns and strategic growth areas

Rightmove announced plans to return over £400m to shareholders during the next 12 months, including approximately £330m through an expanded share buyback programme. The company funded this through a new £200m revolving credit facility, leveraging its strong cash generation capability.

The interim dividend per share increased 3% to 4.17p, with underlying basic earnings per share rising 6% to 15.6p. During H1 2026, Rightmove returned £124.7m to shareholders, including 17.4m shares (2.3% of outstanding share capital) purchased and cancelled.

Strategic growth areas showed encouraging momentum, with Commercial Property revenue growing 13% to £8.4m and Rental Services revenue surging 67% to £5.6m following rollout of Enhanced Leads. Together, these three strategic areas contributed £17.5m in revenue, up 14% on H1 2025, with full-year growth in these segments expected to reach 20-30%.

Source: Property Industry Eye.