Rightmove.co.uk, the online property website, has hired Swiss-American investment bank UBS to help prepare it for a stock market listing that could see it valued at more than £200 million.

Rightmove, the UK's most popular online property site, has also brought in legal advisers Slaughter and May and accountants KPMG to work on the float, which is being driven by new chairman Scott Forbes.

Mr Forbes joined Rightmove towards the end of June specifically to help draw up plans for a listing, which becomes much more likely with the appointment of financial advisers.

The former European group managing director of Cendant, the property services group, has been working closely with Ed Williams, group managing director of Rightmove, on the float plans

UBS is expected to hold talks with Rightmove's existing stakeholders, which include estate agents Countrywide, to establish how much of their shareholdings they might be prepared to sell at a flotation.

No firm timeframe has yet been set for a public offering of Rightmove shares.

Mr Forbes said today: "The appointment of a leading team of advisers is the next step in look at opportunites and timescales for a potential IPO of Rightmove."

Countrywide owns 30 per cent of Rightmove. HBOS, the banking group that owns the Halifax mortgage lender, and Connells, part-owned by the Skipton Building Society, also owns 30 per cent stakes. The remaining 10 per cent is held by Royal & Sun Alliance, the insurer.

All four owners have indicated to the Rightmove board that they recognise that the company needs a listing in order to grow further, although the precise level of the free float that will be made available to the public has yet to be set.

Severing at least some of its ties with estate agents and mortgage lenders will also help Rightmove reinforce its image as an independent company.

Launched in February 2000, Rightmove has become one of the most popular websites in the UK, even outside the property specialist area. It receives more visits to its site than the next three most popular estate agent sites combined.

Oriel Securities is predicting pre-tax earnings of about £10 million for the current financial year for Rightmove and a valuation based on 10 times earnings would value the company at £100 million.

However, Oriel highlighted the "potentially enormous" opportunities offered by the compulsory introduction in two years' time of Home Information Packs, where property sellers are obliged to provide a certain level of information about the home for sale.

If Rightmove is able successfully to post packs on its site for a nominal charge, then a valuation could easily top £200 million, the broker said.

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