Robin Savage, an equities analyst at Canaccord Genuity who has a “buy” recommendation on Rightmove shares, said he would not be concerned “unless Agents Mutual does somehow persuade agents to support it – because that will affect Rightmove and Zoopla’s revenues”.
He argued that the newcomer is dominated by a handful of Britain’s biggest companies and would have trouble attracting the thousands of very small agencies who make up the majority of the market. “The big agents could function without property portals, so this is really asking independent agents to cut off one of their main routes to market. It is a brave person who decides to switch off something that brings them the vast majority of their [client] instructions.”
Rightmove and Zoopla declined to comment.
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