Falling house prices are not all bad for Rightmove, the property website. At the last count, the number of estate agents who subscribe to its services were actually up on the year, a reflection of Rightmove’s assiduous courting of the lettings market, which has been buoyed by people unwilling or unable to buy new homes. Rightmove has also seen a pick-up in income from the advertising of new developments, helped by the increasingly desperate attempts of housebuilders to shift unsold new homes.

But that has not been enough to stop today’s clutch of cost-cutting measures from the company - including the move to lay off one-fifth of its staff - which in total should save around £5 million.

Such belt tightening - albeit accompanied by an increase in its marketing spend - is intended to boost Rightmove’s market shares and keep next year’s margins at 2008 levels.

At 201p, a new post-float low, the shares trade at 10 times next year’s earnings, which is not especially cheap. Given the risk of that an expected surge in estate agents going out of business will force cuts to forecasts, avoid.

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