OnTheMarket says it is gaining ground on Rightmove and Zoopla fast, according to its latest operating metrics just released.
As of the end of last month, OnTheMarket says that its UK property stock is already over 80% of Zoopla and approximately 60% of Rightmove. It says that it displayed 600,000 UK residential property listings and traffic to its portal in January exceeded 23.5m visits. This was four times that of February 2018.
Ian Springett, Chief Executive Officer, said: “In less than a year since our IPO we have significantly reduced the gap in property listings between our portal and Rightmove and Zoopla and have dramatically increased the number of visits made to it. These achievements have produced strong network effects, manifested by the very substantial numbers of leads we are now delivering to our agent customers.
“Our strategy to grow rapidly the scale of the portal is working and these latest milestones indicate that attracting more property-seekers to view more properties, many of which are listed with us on a new and exclusive basis, is a recipe for generating more value to agents. That value is not just in the direct advertising return we provide but also in creating much needed competition in a market previously dominated by just two large portal groups.”
OnTheMarket’s performance appears impressive, especially in a challenging market. However as they openly admit in their report much ground has been gained by making promotional offers to agents. The real challenge will be continuing that growth while also making money from them.