Property Portal OnTheMarket Reports Strong Growth

Rightmove rival, OnTheMarket has reported strong growth in the number of estate agents listing properties on the platform.

The online portal can now boast having over 10,500 estate agent offices from around the country registered to list properties on the site.

This represents an impressive 91% increase since the company listed on the London Stock Exchange’s AIM market back in February of this year.

The growth has been driven by special offers such as free listings for new estate agents, the move away from restricting estate agents from listing on more than one other portal, and the perceived high costs of competitors such as Rightmove.

Ian Springett, chief executive officer of OnTheMarket, said: “As our property stock continues to rise and traffic increases in response to our recent marketing push, we are receiving positive feedback from more and more agents across the country about the level of good quality leads we provide.

“Many agents are relatively small, family-run, independent businesses, which want to see greater value for money from portals, as well as a real choice for consumers when it comes to searching for property.

“As an agent-backed business, OnTheMarket’s strategy allows agents to benefit through fair, sustainable pricing and the ability to invest in, and benefit from, the success of their portal, while keeping agents at the heart of each transaction to leverage their local knowledge and expertise.”

The company now claims to have 57% of the nations residential estate and lettings agent branches on their books.

If that’s true and the growth continues on the same trajectory, that could be good news for consumers who value having a choice of property portals to peruse.

However, despite the impressive growth figures, shares in the company have struggled to take off. At the time of writing the share price was at 139.60p following highs of 181.00p back in May of this year.