OnTheMarket plc OnTheMarket now lists 550,000+ UK properties
July 04 2018 - 1:00AM
RNS Non-Regulatory
TIDMOTMP
OnTheMarket plc
04 July 2018
4 July 2018
OnTheMarket announces UK residential property listings now up to
more than 550,000 and contracted agent offices up by more than
4,000 since Admission
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is pleased to announce that, less
than five months since its IPO, the portal is already displaying
more than 550,000 UK residential property listings, in excess of
half of the total market.
This latest milestone demonstrates the strong momentum in
support of its proposition and indicates that its portal,
OnTheMarket.com, already has approximately two-thirds of the
equivalent listings carried by Zoopla, and over half those carried
by Rightmove, which claims "near whole of market view"(1) .
As at 3 July 2018, Zoopla stated on its website that it was
listing 580,860 UK residential sales properties and 241,390 UK
residential lettings properties, totalling 822,250 properties.
Rightmove, in its Annual Report and Accounts for both 2016 and
2017, states that it has "1 million UK residential properties".
The figures for both Zoopla and Rightmove include direct
listings from new home developers, a market segment which
OnTheMarket is yet to focus on.
The increase in residential listings at OnTheMarket.com reflects
the rapid growth in contracted agents with agreements to list their
properties on the portal. As at 3 July 2018, the number of
contracted agent offices has grown, since the Admission to AIM of
OnTheMarket plc on 9 February, from 5,500 to more than 9,500, which
represents an increase of more than 72%. The Company believes that
it has listing agreements with approximately 51% of UK residential
estate and lettings agency branches.
The Company's progress in adding agent offices since Admission
on 9 February 2018 is shown in the following table:
Date Offices added Offices in contract
since Admission
9 February - 5,500
----------------- --------------------
14 March 1,000 6,500
----------------- --------------------
25 April 2,000 7,500
----------------- --------------------
11 May 2,500 8,000
----------------- --------------------
25 May 3,000 8,500
----------------- --------------------
13 June 3,500 9,000
----------------- --------------------
3 July 4,000 9,500
----------------- --------------------
Ian Springett, Chief Executive Officer of OnTheMarket, said: "We
are extremely pleased that, as a result of our reported growth in
contracted agents, OnTheMarket.com is now displaying well over half
of the market in terms of UK residential properties. The very
strong and growing agent support for our proposition has enabled us
to rapidly gain ground on the market share of property listings of
our long-established key competitors. We remain committed to
creating an agent-backed, full scale challenger portal that injects
some much-needed competition into the property portals landscape by
disrupting what has for too long been effectively a cosy
duopoly."
ENDS
(1) Annual Report, 2017
For further information, please contact:
TB Cardew (Financial PR adviser) 0207 930 0777 / onthemarket@tbcardew.com
Ed Orlebar 07738 724 630
Tom Allison 07789 998 020
Background on OnTheMarket:
Launched in January 2015, the OnTheMarket.com property portal
was created by Agents' Mutual Limited, a company limited by
guarantee and founded in January 2013 by a small group of agent
firms, with the objective of creating a new portal to challenge the
dominance of Rightmove and Zoopla. Both groups were felt to be
using their strong positions relative to their agent customers to
impose significant price increases for their portal services.
The Agents' Mutual proposition of an agent-backed portal
offering a premier search service to property-seekers whilst
charging fair prices to agents quickly found support among a very
wide group of leading independent agents across the UK. These firms
funded the venture by way of loan note subscriptions and committed
to list with the portal once it went live.
OnTheMarket is the third biggest UK residential property portal
provider in terms of traffic and has, with backing from its agent
owners, developed unique sources of competitive advantage such as
the "New and Exclusive" property listings.
OnTheMarket plc was admitted to AIM on Friday 9 February 2018
alongside a capital raise of GBP30 million to support a new growth
strategy for the business.
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END
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