A leading fund manager, Nigel Thomas of AXA Investment Mangers, has upped his confidence in Rightmove.
Citywire AA-rated Thomas, who manages the £3.9bn AXA Framlington UK Select Opportunities, is avoiding the largest names in the FTSE 100.
However, he said he favoured Rightmove, saying that the company is adding efficiencies to both consumers and agents.
He told the publication Wealth Manager: “Over time it has made fundamental difference to the efficiencies of estate agents.
“People do not have to go into estate agents offices any more and fill out a lot of forms, they can do it all online. It makes the process much easier.
“[It has] a very high market share with low capital expenditure. It makes a real difference.
“There is a lot of runway to go on this. They charge a lot less for listings than estate agents used to pay for advertising.”
Meanwhile, star fund manager Neil Woodford has run into some difficulty with his Patient Capital Trust, which invests in firms that he thinks will eventually succeed.
Woodford has said he will not charge investors a fee, due to under-performance. He has also postponed plans for a new share issue which would have raised more capital from investors.
Woodford’s strategy has been largely hit by poor performance in healthcare companies.
His fund also invests in technology companies, including Purplebricks.
Comments (8)
Should that read “Rightmove has made a fundamental difference to estate agents costs by ruthlessly increasing their prices whilst charging companies in the same area different rates”?
Depends on the time of day you sign up. It will cost you twice as much if you signup on an odd numbered minute.
Rightmove has ‘made fundamental difference to the efficiencies of estate agents’.
Yes, it has unfortunately. It has made many of them less efficient by helping to breed a generation of negs who think that advertising property on a portal is the only way to find a buyer and wouldn’t know how to do a manual applicant match if their lives depended on it.
No wonder hopeful online agents pop up every five minutes. It’s all so simple. Innit?
Idiot is all that comes to mind.
Who, me or Woodford?
I’m most definitely an idiot. I’m stupid enough to think honesty is more valuable than money and respect is the only thing that buys proper fulfilment. There are a few moral bankrupts floating about the industry right now and I personally think Woodford is a victim of something he doesn’t properly understand, that he’s been had good and proper. I actually feel sad for a chap who who I think is on the brink of an almighty embarrassment.
Not you (this time anyway), but Woodford.
That’s good of you, cheers!
@codingdobby you know the routine, pop in PC world I need another keyboard;
“Meanwhile, star fund manager Neil Woodford has run into some difficulty with his Patient Capital Trust, which invests in firms that he thinks will eventually succeed”
Is this an early indication Purplebricks isn’t now going to deliver the £25,000,000 profit by May 2016 as was predicted and reported two years ago?