London, June 6, 2026, 23:03 (BST)
- Rightmove is set to drop out of the FTSE 100 and move into the FTSE 250 after markets close on June 19. The switch takes effect June 22.
- Rightmove finished Friday at 437.60p to sell, 438.30p to buy, off 0.90p or 0.20%. London trading was closed.
- Halifax said on Wednesday that UK house prices dropped again in May, the third monthly fall in a row. The decline is weighing on property-related shares.
Rightmove is set to lose its FTSE 100 spot this month, as the UK’s largest listed property portal struggles with a slide in housing sentiment, concerns over AI investment, and a smaller market cap. It’s a symbolic setback for the company.
FTSE 100 is London’s main index for the biggest listed companies. Index funds that track that benchmark will need to make changes when Rightmove shifts out of the FTSE 100 and into the FTSE 250, the mid-cap index.
Rightmove shares didn’t just slide. The stock gained 1.92% to £4.40 on Thursday, beating the broader market, but was still 46.83% under its 52-week high. On Friday, FTSE 100 edged up 0.07% at the close, while FTSE 250 lost 1%. Both finished the week down.
Latest housing numbers did little to reassure markets. Halifax reported UK house prices dipped 0.1% in May, marking a third month down. Amanda Bryden, head of mortgages at Halifax, said prices still show “uncertainty linked to developments in the Middle East.” Higher borrowing costs keep squeezing what buyers can pay, as pricier mortgages cut affordability. Reuters
Rightmove’s May house price index painted a less grim picture, if not a clear one. New asking prices were up 1.2% at £378,304. The number of sales agreed is still 4% down on last year, but 2% ahead of 2024 so far. “Activity in the market is staying fairly steady,” said Colleen Babcock, a Rightmove property expert. Matt Smith, the site’s mortgage expert, said small drops in rates could offer some relief to monthly budgets. Rightmove
Investors are watching to see if a weaker housing market crimps agent spending at the same time Rightmove is ramping up its product investment. The company stuck with its 2026 revenue and operating profit targets in May, saying core membership grew as expected, about 1%, with estate agencies strong enough to balance out softer new homes.
Rightmove’s main story on the stock started in November, after it warned that spending on artificial intelligence would limit underlying profit growth to 3% to 5% in 2026. CEO Johan Svanstrom at the time called AI “absolutely central” to the way the company works and its future plans. Reuters
Competition is still in play. Rightmove’s main portal rivals are Zoopla and OnTheMarket, which is backed by CoStar. OnTheMarket is promoting some listings as showing up “24 hours or more before” they’re on Rightmove or Zoopla. That’s where customers are choosing—and it’s also where the market debate over AI tools, agent roles and pricing power is playing out. OnTheMarket
The reshuffle points to a wider shift across UK stocks. Berkeley Group, known for homebuilding and its link to housing affordability, is out of the FTSE 100, along with Rightmove and Mondi. Moving up are Aberdeen Group, Computacenter and Investec. Anthony Lynch, co-manager of JPMorgan’s Mercantile and Claverhouse trusts, told Trustnet, “index reshuffles tend to become more dramatic when markets are volatile.” Trustnet
The risk for Rightmove is straightforward. Mortgage rates staying high could drag down housing transactions, and if agents fight fee levels, that could threaten revenue growth. On the tech side, if AI investments don’t start delivering soon, margin pressure may stay the main issue, overshadowing the drop from the index. The bull case isn’t as broad but it’s there: steady agreed sales, falling mortgage rates, and proof that new tools boost agent returns could make Rightmove’s FTSE downgrade seem less important.
Trading picks up in the week ahead as investors look to see if passive funds start moving before the late-June index reweighting. Next on the calendar is Rightmove’s half-year report on July 31. Until then, the market is watching mortgage rates and the Bank of England’s June 18 call for direction on the stock.
