OnTheMarket Claims It Is Catching Up With Rivals As Web Traffic Climbs

LONDON (Alliance News) - Property portal OnTheMarket PLC on Wednesday said its website traffic ...

Alliance News 6 February, 2019 | 9:53AM
Email Form

LONDON (Alliance News) - Property portal OnTheMarket PLC on Wednesday said its website traffic reached record levels in January, driven by a "heavyweight" advertising campaign.

For the month of January visits to OnTheMarket.com reached 23.5 million visits, over four times the number that visited in February 2018, the month it listed on London's AIM market.

As of January 31, the website had over 600,000 UK residential listings, and the company said its property stock in the UK is more than 80% of Zoopla's and 60% of Rightmove PLC's.

Zoopla is owned by ZPG Ltd, which was taken over by private equity firm Silver Lake Management Co V LLC in a GBP2.2 billion deal last July.

"The growth in both property stock and visits has combined to produce record levels of leads generated for OnTheMarket's estate and lettings agent customers. In January, OnTheMarket delivered more than seven times as many phone and email leads as in February 2018," said OnTheMarket.

Chief Executive Ian Springett 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."

On Tuesday, OnTheMarket said the number of estate agency branches covered by its property website is now above 12,500.

Shares were 4.8% higher on Wednesday at a price of 97.50 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
OnTheMarket PLC Ordinary Shares 96.00 GBX -2.04 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.