OnTheMarket plc (LON:OTMP), the agent-backed company which operates the OnTheMarket.com property portal, has today announced 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 since Admission |
Offices in contract |
|
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 Plc, 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.”
1 Annual Report, 2017
