The group said the redundancies were part of plans to cut costs by £5m, reflecting its view that the `current challenges will continue through 2009'.
Rightmove also said it was scaling back its overseas operations, but it may increase its marketing budget by up to £1m.
Rightmove said the job cuts were the first it has made as a result of the downturn in the housing market. The company employs around 300 people.
Given the decreased demand for property in continental Europe, the group said it would be scaling back the Rightmove Overseas business.
Its website currently advertises more than 50,000 overseas properties in more than 100 countries, including Spain, France and the US.
The company, launched in 2000, said its changes were aimed at `increasing focus on its core UK property advertising business'.
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Quasimodo's Leotard, Paris (23/10/2008 at 14:35)
Do they also not realise that the overseas property boom of recent years has largely been funded by the "smoke and mirrors" false house values,in the UK?
THe market correction to realistic pricing is only just beginning.