UK's Rightmove lifts annual average ad revenue growth forecast as housing sector recovers
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Nov 8 (Reuters) -UK's largest property portal Rightmove RMV.L raised its annual average advertising revenue growth forecast on Friday, as easing mortgage costs against an encouraging economic backdrop boosted activity in the residential segment.
The average revenue per advertiser (ARPA) growth outlook uplift reflects product uptake across both Estate Agent and New Homes partners, the London-listed firm said.
The British housing market has begun to see early signs of sales recovery in recent months, bolstered by the Bank of England's August and Novemberrate cuts as well as the new Labour government's supportive policies for the sector.
In September, Rupert Murdoch's REA Group REA.AX ended its $8.29 billion takeover pursuit of Rightmove, following a fourth bid rejection by the British real estate portal.
The company, which charges estate agents and homebuilders a fee to list their properties on its website, said it expects an ARPA growth of between 85 pounds ($110.23) and 95 pounds, above its previous forecast of 75-85 pounds.
It reaffirmed its annual adjusted operating margin and revenue forecast.
($1 = 0.7711 pounds)
Reporting by Prerna Bedi and Aby Jose Koilparambil in Bengaluru; Editing by Sumana Nandy
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