Reports that Google is to branch out into the UK property industry are being taken pretty seriously by those slick haired, Hugo Boss wearing city-boys. Early reports led to a 10% decrease in the value of Rightmove on the FTSE in one day.

Google has yet to formally announce its intentions, but according to the BBC Britain is about to get a property service similar to the one Google is currently running in Australia. Launching next year, Google will allow estate agents to list their properties in a layer on Google Maps complete with Street View pictures and detailed listings.