OnTheMarket “diminished as a threat” says Zoopla boss

It was billed as the property website that would finally break the so-called duopoly between Rightmove and Zoopla, but OnTheMarket (OTM) is turning out to be a bit a damp squib, according to Alex Chesterman, Head of Zoopla Property Group (ZPG). Zoopla said that the number of agents on its books has increased in recent months as it posted better than expected full-year earnings. ZPG has announced a £25.4 million profit in the 12 months to September despite greater market competition from OTM which has increased its market share since launching in January, primarily at the expense of Zoopla. Zoopla had 12,702 agency partners at the end of September, compared to 16,373 a year earlier, largely as a consequence of OTM’s ‘one other portal’ rule requiring their member agents to stop advertising on either Rightmove or Zoopla with a view to winning greater market share. The rule hit Zoopla significantly harder than Rightmove, with client numbers falling sharply. But Zoopla report that they are now winning some of those customers back, with Chesterman insisting that OTM’s “threat is diminishing”. ZPG’s growth in revenue for the year ending 30th September has been supported by the group’s acquisition of home services comparison…

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