Strong and growing support for OnTheMarket proposition.
OnTheMarket plc, the agent-backed company which operates the OnTheMarket.com property portal, has announced that, less than five months since its IPO, the portal is already displaying more than 550,000 UK residential property listings, in excess of half of the total market.
OnTheMarket revealed in the announcement that the increase in residential listings at OnTheMarket.com reflects the rapid growth in contracted agents with agreements to list their properties on the portal. As at 3 July 2018, the number of contracted agent offices has grown, since the Admission to AIM of OnTheMarket plc on 9 February, from 5,500 to more than 9,500, which represents an increase of more than 72%. The Company believes that it has listing agreements with approximately 51% of UK residential estate and lettings agency branches.
Ian Springett, Chief Executive Officer of OnTheMarket, said: “We are extremely pleased that, as a result of our reported growth in contracted agents, OnTheMarket.com is now displaying well over half of the market in terms of UK residential properties. The very strong and growing agent support for our proposition has enabled us to rapidly gain ground on the market share of property listings of our long-established key competitors. 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.”
The OnTheMarket announcement 4th July 2018 can be read in full here.
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