Rightmove held its first-ever investor day yesterday afternoon.

City analysts were given an upbeat assessment of the group’s medium term prospects, with product innovation the main theme.

They were told that there has been a 5% growth in traffic year on year, with market share of traffic having grown since December.

Analaysts were also told that agent engagement with Rightmove’s bundled productivity tools is growing rapidly.

However, developers do not seem to be spending enough on Rightmove, with less than 2% of gross developer fees spent on marketing with Rightmove – described as an “underweight spend”.

The lettings fee ban will, analysts heard, bring a “consumer engagement opportunity”. Rightmove is looking to introduce a tenant passport.

Analyst William Packer at Exane BNP Paribas said this would leave Rightmove strongly placed to drive “meaningful engagement” with consumers, but warned that the path to monetisation was unclear, and that “a shift into tenant referencing brings reputational and legal risk”.

His firm continues to give Rightmove an ‘outperform’ rating.