Can you pull out the strand on a company that is a paragon of the positive example versus the paragon of the negative example in terms of platform utility for both consumers and advertisers on the site? Can you talk me through what you regard as best-in-class versus worst-in-class in Europe in this respect?

Because you are a long-term investor, you want to understand how these models will need to evolve in order to continue to be the providers of the lion's share of leads. That's what this discussion is about. If we're talking about car and real estate, the average buyer, especially the people who are generating most of the commissions on real estate, are people in their late 30s, 40s, 50s, and 60s. It's not teenagers, it's not people in their early 20s who are probably the fastest to adapt from a tech point of view.

BCG is a multi-vertical—it has these six or seven different profit pools in terms of different territories, different verticals. Obviously it's clear for anyone to see that they've under-invested in the actual interface on the portals over the last five to seven years. But it's a very different kettle of fish for a new entrant or a competitor to try to take on Rightmove, where it's basically a single profit pool with a well-understood investment needed to make inroads into that profit pool versus Rightmove. Whereas for these guys, it's whatever it is—three or four properly scaled profit pools. The investment needed for any one of those, it's not very clear whether the investment would justify the market share you could gain by making that investment.

For me, the question isn't will somebody, by offering new features and new functionality, suddenly take away Rightmove's market share? I don't think it's that at all, at least in terms of new entrants. The more interesting question is, will the habit of search, will LLMs suddenly change the fact that Rightmove gets 40% of their traffic from SEO? Will that 40% of traffic from SEO suddenly start going away because you and me, when we look for a house, we start asking ChatGPT to name or list 10 homes with the following conditions?

Talk me through your understanding of monetization. When do you start to conclude that a certain business has over-monetized?

The way I look at it, Rightmove in the UK is around 7% of agent gross profit extracted by the portals, and roughly 5% of those 7%, so almost three-quarters, is going to Rightmove. Rightmove has said on calls that some agencies are spending 15% of their commission pool on Rightmove, and that's not an issue for them. Remember that in the UK, the actual average selling price of a home is around £300,000, and the commission is 1.25% or less. They're getting £3,000 to £4,000, so spending 15% is £600. It's a good amount of money, but it's not dramatic.