Rightmove heads for Nasdaq

Analysts believe such a move could lead to Rightmove being valued at more than £50m - much higher than the valuation the online service could expect if it listed on the UK's Alternative Investment Market.

It is believed that Rightmove's shareholders, High Street bank HBoS, estate agencies Countrywide and Connells, and the insurer RSA, think that investors on Nasdaq, which specialises in technology and internet stocks, will better understand the website's business model.

Geoff Miller, analyst at investment bank Bridgewell, said: 'I think that US investors are more receptive to internet offerings. There are comparable companies in the US that are already listed.'

Rightmove, launched as a free service for users in 2000, makes money by charging estate agents to display properties available for both sale and letting.

Users accessed more than 148 million pages in the 11 months ending May, making it one of the most active internet sites in the UK.

Profits last year were £312,000 on revenues of £5m. It lost £820,000 in 2002.