Rightmove PLC (LON:RMV) has extended discounts for agencies to support their cash flows as the housing market reopens.
The initiative will hit revenue by £17-20mln in the two months to September, adding to the £65-75mln impact in the four months to July.
READ: Rightmove confident in liquidity position after acceptance on government scheme
Agents in England, which enjoyed a 75% discount between April and July, will receive a 60% concession for August and 40% for September.
Customers in Wales and Scotland, reopening on June 22 and 29 respectively, are entitled to a 75% price cut for August and 60% for September.
The online property portal said sales are currently over 10% higher in England than a year ago, though it includes activity halted during lockdown. Membership dipped 4% to 19,054 as of the end of May.
The FTSE 100 firm plans to bring all employees back from furlough by July 31.
“We believe the extension of the discount is the correct strategy, as the key to maintaining top line growth in the longer term is keeping agents in the market,” Liberum commented.
Shares shed 1% to 583.4p on Tuesday at the opening bell.