Rightmove to offer broker advice

No surprise for this transition - just surprised how long it's taken them to get here. Concerns straight off the bat, is that Nationwide Building Society will offer a digital mortgage application process through its website, with Rightmove earning through a revenue share model - doesn't seem like the whole of the market with that statement, and what does share model mean - sharing data, or sharing some sort of profit? Plus Rightmove will be working with preferred broker channels, so how will this process unfold, what has been the application process - is Rightmove an aggregator of mortgage leads or a facilitator of mortgage applications? - more confused now as I write this piece, however, I am sure the FCA will shed some sensible light on this, to put all our minds at rest.

I don't think this will be a massive threat- there is enough business to go round. However, they should be transparent about potential conflict of interest and not be pressurising and misleading buyers like some corporate agents do

I don't think this in itself is an issue - it's taken them a while to move into the market. However very confused by the Nationwide proposal as this doesn't suggest whole of market advice. What I think this does emphasise however is the need for much tighter and improved regulation of estate agents and services such as the Right Move. For me, the alarm bells on the risk of conditional and pressurised selling are already ringing as we are already seeing evidence of an increase in it as the market gets tougher.

Rightmove? or the Wrong Move? You cannot knock Rightmove for wanting to move into this space, with the majority of the UK house hunters stepping onto their platform it’s a golden opportunity to increase revenue, the key question will be has it been done in the right way. There will be those funneled into Nationwide regardless of whether this is the correct advice just because it was easier for them to click on a button when applying. For others the option to go down the advised route there will be a Broker proposition with a select group of brokers. There will be those who will still prefer to use the broker that was recommended by a family friend or work colleague, so I do feel that there is sufficient business to go around, also with only a limited number of Brokers I wonder if they will have the capacity to deal with what possibly could be an avalanche of enquiries in 2024?

This is Rightmove biting the hand that feeds them. Estate agents generate a lot of their income from mortgage and conveyancing referrals, and pay a lot to market their properties on Rightmove. With those costs always increasing and now the platform looking to threaten those other income streams, many agencies will be thinking is now the time to pull the plug on Rightmove.

The notion of Rightmove offering mortgage advice through their website worries me as much as the fox in my garden becoming CeMAP-qualified and opening a business next door to me.