Rightmove Raking in Profits as UK Housing Recovery Drives Buyer and Seller Frenzy

Rightmove revenue jumped by a fifth as the housing recovery drives both buyers and sellers into the market.

The UK's largest property website said its revenue in the first six months of 2014 lifted 20% to £80.4m ($136m, €102m). Underlying profit rose 22% to £59.6m. And it said it saw 8.1 billion views on its website over the period, an increase of 13%.

Home buyers have been boosted by new found ease with which they can access mortgages. Interest rates are low, the economy is recovering and there are schemes to help them secure loans, such as Help to Buy.

And this rise in demand is set against a constrained supply of homes in the UK, which is pushing up house prices.

The Office for National Statistics (ONS) said the average price of a UK home rose by 10.5% to £262,000 in the year to May 2014. As a result, many homeowners are being tempted to cash in on that gain by selling up.

"Rightmove's popularity goes from strength to strength, with home hunters visiting more often and looking at more property than ever," said Nick McKittrick, chief executive of Rightmove.