Rightmove's latest results reveal a company in transition, with AI increasingly central to its strategy. Commenting on the results, James Bull, technology industry senior analyst at RSM UK, noted that the market now treats Rightmove like a subscription SaaS business — a segment under significant AI-driven pressure in 2026.
Market Disruption and AI Headwinds
The iShares Expanded Tech-Software ETF is down around 22% year to date, reflecting the risks of AI-driven disruption across the software sector. However, Rightmove may be better positioned than many pure software businesses, thanks to approximately 85% market share and two decades of accumulated UK property data that AI platforms cannot generate themselves.
The New Front Door
The real challenge for Rightmove, and other platforms, is where property search begins as AI assistants become the new front door. Rightmove estimates that currently less than 0.5% of its traffic comes from ChatGPT, yet 66% of consumers expected to increase their use of AI for property searches over the next two years.
Responding with AI Investment
Rightmove is investing in AI features and technology, including a recently launched ChatGPT app integration and Gemini search, and now has 31 live AI initiatives across the business. However, the company has made clear this investment will come at the expense of short-term profit margin dilution.
The test for Rightmove will be whether these AI features generate an increase in average customer spend — the deciding factor in whether current margin dilution is temporary or becomes a structural feature.
