From This is Money:
Rightmove shares finished the day down 14¼p to 305¾p as it played down the threat from the National Association of Estate Agents.
NAEA announced that it will launch Property Live in October, which will allow its 14,000 members to advertise homes on their books for free.
Rightmove charges members up to £495 a month to advertise houses and flats.
It represents more than 90% of estate agents and claims to be the biggest property website, with more than one million homes advertised.
Peter Bolton King, chief executive of NAEA, said: ‘We are not doing this to compete with Rightmove.
‘We are doing this in response to our members who have told us we have a great opportunity to create our own property portal.’
But instead of paying subscription costs to join a number of different websites, such as Rightmove, estate agents may decide to only list their houses on Property Live to save thousands of pounds a year.
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