Zoopla's share price has recently hit a year-long high after a 15% increase over two weeks.
Peaking at £3.84, the share rise has been attributed to a raft of cheery analysts’ notes from the major investment houses including Credit Suisse, Morgan Stanley and Investec, all of which hold huge sway in the City.
But investors appear to have been less impressed by the announcement that 100 agent branches have been returning to ZPG’s clutches since OnTheMarket dropped its ‘one other portal’ rule following its de-mutualisation and IPO.
The ZPG share price rally ended abruptly, knocking back to £3.70 from £3.84.
The owner of Zoopla claims the rate of agents returning to it has doubled over the past three months, and four times faster compared to a year ago.
Recent returnees include Screetons in Doncaster, Perry Bishop & Chambers and also Murrays in Gloucestershire, Mathews Benjamin in the Lake District and Pacitti Jones in Glasgow.
“We offer the best value digital marketing in the UK and agents clearly recognise the advantages we deliver to their business and their customers,” says Charlie Bryant, ZPG’s newly-installed Managing Director of Property Services.
Read more here
Join us in Miami from the 20th to the 22nd of June for the Global Online Marketplaces Summit. Our summit theme is From Classifieds to Marketplaces – Capturing Value from the Transaction and we’ll hear from Global Leaders who are creating the Online Marketplaces of Tomorrow.