June 23, 2020 / 7:01 AM / 11 days ago

Rightmove sees revenue hit; says housing market recovering

June 23 (Reuters) - UK property website Rightmove will take another revenue hit of 17 million to 20 million pounds ($24.93 million) as it cuts prices to help agents ride out the impact of coronavirus lockdowns, it said on Tuesday.

The company, which pointed to more signs of a recovery in the housing market, said sales agreed are currently over 10% higher in England than last year, helped by new property listings returning to the market.

It, however, said that it was unable to provide forecast on future profitability. ($1 = 0.8021 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Anil D’Silva)

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