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Rightmove hopeful on increased Internet activity

While property search website Rightmove saw pre-tax profits fall to £18.2 million for the first half of the financial year, from £19.7 million for the sale period last year, the company appears to be fairly optimistic in the short, medium and longer term. Despite the fall of 8% in pre-tax profits there have been a record number of visitors to the company's website in August and this has given the company a useful boost.

However, it is uncertain at this moment in time whether visitors are perusing cheap affordable houses or whether there are actually more buyers out there looking for properties. While the share price increased by 13% today, some analysts are still very sceptical regarding UK property sector. It is okay seeing an increase in visitors to the website but the company needs to see an increase in its conversion rate to make this worthwhile.

While there is no doubt it is interesting to see more visitors to the website we also need to see more accessible mortgage finance immediately. There is a danger that unless buyers return to the UK property market in the short term, negative comments such as those issued by the Bank of England earlier this week could drag sentiment down and ultimately slow down any potential recovery.

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