The UK's OnTheMarket.com, founded by a small group of agent firms, with the objective of creating a new portal to challenge the dominance of Rightmove and Zoopla recently announced that as of 11 May it has signed listing agreements with UK estate and letting agents with more than 8,000 offices. This increase of over 2,500 branches since Admission on 9 February represents growth of over 45% in just over 3 months.
In March the company announced that in the first five weeks since admission to AIM, additional agent firms with more than 1,000 offices were in listing agreements with OnTheMarket, in April and May additional agent firms with more than 2,000 offices entered listing agreements with the company after just over two and a half months since admission.
Also in March, OnTheMarket stated that traffic to its property portal reached c.12 million visits* in only a month since admission to AIM. This is more than double the visits compared with February 2018 and compared with March 2017. Traffic to the OnTheMarket property portal increased further to reach 13.7 million visits* in April. This compared with 5.5 million visits in April 2017.
In May, OnTheMarket is currently running its heaviest weight of national TV advertising since the launch period of OnTheMarket.com.
Ian Springett, Chief Executive Officer of OnTheMarket, said, “In sustaining this pace of expansion, we are very strongly encouraged by the growing agent support and feedback to our proposition. 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.”
* Visits comprise individual sessions on OnTheMarket.com's web-based portal or mobile applications by users for the period indicated as measured by Google Analytics.
SOURCE OnTheMarket
Edited by G. Davila
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