Rightmove has raised its earnings guidance for 2026 even as its own figures show the UK housing market cooling, with buyer demand down 10% and agreed sales 9% lower than a year ago.

In a trading update covering the four months to 31 October, the UK's largest property portal said it now expects underlying earnings per share to grow by at least 7% in 2026, up from previous guidance of at least 5%. Revenue growth is expected at 6% to 7%, narrowed from 6% to 8%, and underlying operating profit growth of at least 3%, within its earlier 3% to 5% range.

The portal said higher mortgage rates and worries about further Bank of England tightening had weighed on estate agent confidence. Average house prices on its platform were 0.3% lower than a year earlier, and growth in average revenue per advertiser was cut to £100 to £110 from £110 to £120, reflecting weaker spending by housebuilders. Estate agency partner retention remained strong at 92%, against 93% a year earlier.

Chief executive Johan Svanstrom said the company was on track to deliver revenue and profit growth within its previous full-year guidance while upgrading earnings per share guidance, pointing to product innovation, artificial intelligence tools and cost discipline.

Looking to 2027, Rightmove expects revenue growth similar to 2026, underlying operating profit growth of 4% to 7% and underlying earnings per share growth of at least 10%. It reiterated plans to return more than £400 million to shareholders between July 2026 and July 2027 through dividends and share buybacks, including a further £80 million of buybacks by the end of this year. Shares were down 1.24% at 543.60p in morning trading on Friday.