Rightmove plans to provide greater focus on the growing housing association market and national and regional housebuilders as it reorganises its estate agency sales force.
As many as 1,300 estate agency offices may have gone out of business in the first six months of the year, reports the Financial Times.
The figure is based on Rightmove’s retention rate among estate agents which fell to 84% from 93% last year.
Rightmove has cut a fifth of its staff as part of the reorganisation to help it save about £5m a year. Citigroup cut its price target from 260p to 205p. The shares closed down 19.25p at 200p.
24/10/08 Financial Times 21 Times 56, 61, 69 Guardian 27 Independent 50
