OnTheMarket.com
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Housing Market
House sales slump 17% in September as cost of living continues to bite
Estate agents and housing experts say would-be buyers are struggling to save for deposits and are worried about finances.
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Latest property news
Mortgage approvals fall to lowest level since start of the year
Bank of England says that this was the third consecutive month that mortgage approvals have fallen while remortgaging is at its lowest since 1999.
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Latest property news
Taylor Wimpey joins OTM as it battles leasehold scandal investigation
The UK's third largest builder is to advertise its properties and developments on the portal, joining many of the other major construction firms including Barratt and Persimmon.
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Latest property news
OnTheMarket takes legal action to prevent agency’s return to ZPG
OnTheMarket has taken legal action against one of its departing agents just hours after it had announced a return to ZPG’s portals. West-Sussex 15-branch agency Henry Adams had announced it was to leave OnTheMarket and rejoin Zoopla, its Chief Executive Philip Jordan (pictured, below) saying he was “very pleased to be back with ZPG”. The agency is based in Chichester but has branches in other parts of West Sussex as well as in Surrey and Hampshire. The corks were also flying at ZPG’s headquarters in London as Mark Goddard, ZPG’s Managing Director of Property Service, sounded equally ecstatic, saying he was “delighted to welcome back Henry Adams”. But the move proved too quick for OnTheMarket, which promptly issued legal proceedings preventing the move. Media coverage An OnTheMarket spokesperson said: “”We noted media coverage on 15 November 2017 that Henry Adams had signed an agreement with Zoopla to list all of its properties on its websites. “As at 16 November 2017, Henry Adams is not listing its properties on any of the ZPG websites. “The firm continues to list its properties at OnTheMarket.com in accordance with its current listing agreement and remains a valued member.” ZPG confirmed that the move by Henry Adams…
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Latest property news
OnTheMarket to end mutual status and float on AIM
The parent company of OnTheMarket.com, Agents’ Mutual, is to raise £50m by floating on the Alternative Investment Market (AIM) of the London Stock Exchange 30 months after the mutually-owned property portal launched. The flotation will value OnTheMarket at between £200 million and £250 million, a sixth the size of nearest rival Zoopla. Much of the money raised from the City will be spent on a huge TV, radio, print and digital advertising campaign to raise awareness among consumers and, no doubt, stop agents jumping ship back to Zoopla. OnTheMarket’s flotation will also require existing agents who list on the site to convert their membership into ordinary shares in the new company, and commit to a further five year agreement to list their properties on OnTheMarket.com. “This is the beginning of a very exicting new chapter in our development,” says Agents Mutual Chief Executive Ian Springett (pictured, left). “For consumer and agents alike we are committed to creating a genuine agent-controlled alternative challenger business and brand to the two leading incumbent portals.” A minority stake will be offered to investors as part of the Initial Public Offering (IPO) of new equity which will be used to give OnTheMarket the sort of…
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Latest property news
OnTheMarket.com is losing traffic and branches, claims online agent
Emoov and its founder Russell Quirk have launched an extraordinary broadside against OnTheMarket.com during which Quirk suggests it is showing “signs of terminal decline” and calls for it to drop its two-portal rule. eMoov says it has looked at data from web monitoring service Hitwise that reveals how traffic to OnTheMarket.com declined during February both year-on-year and month-on-month. Visits to the website in February were down 38% versus January, although it’s part of a seasonal trend; ZPG and Rightmove’s traffic figures were also down, by 2% each. Web traffic tends to surge during January after the festive break and then drop back down again in February. eMoov also says OnTheMarket is “haemorrhaging” branches in recent weeks and that, based on its own research among the portal’s listings, they declined by “almost 200” over the past three weeks and “looks set to fall below levels seen this time last year”,” it says. “This data highlights that two years on and despite tens of millions of pounds of investment, OnTheMarket’s audience remains a small fraction of the main portals and appears to be declining as users are clearly not engaged with the brand or proposition,” says Russell Quirk (pictured, left) OnTheMarket says it…
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Latest property news
OnTheMarket.com highlights ZPG ‘inconvenient truths’
OnTheMarket.com chief executive Ian Springett has countered ZPG CEO Alex Chesterman’s assertion this week that the Agents’ Mutual portal is a ‘failed experiment’. Springett says that while it ‘clearly suits’ ZPG to position his portal this way, he challenges some of the ‘inconvenient truths’ for Zoopla. “The number of UK agents listing on the Zoopla platform remains 22% down compared to the period prior to the launch of OnTheMarket.com,” he says. His comments are based on ZPG’s own Annual Reports for 2014 and 2016 which show that the number of agents advertising on the site has dropped by 3,000 to 13,373 since OnTheMarket launched. Springett also says that he believes Zoopla has, unsurprisingly, been using price to try and wrestle agents back off OnTheMarket. “Our direction of travel remains clear. While Zoopla Property Group claims to have increased the number of UK agents listing on its portals by 5% year-on-year, meanwhile the number of offices listing at OnTheMarket.com at the end of October 2016 had increased by 15% year-on-year,” says Springett. “The consumer appeal of the service is clear from record-breaking traffic in September of more than 10million visits, an increase of 79% year-on-year. These are not the achievements of a…
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Latest property news
Zoopla claims 40 branches have returned to it from OTM
Zoopla Property Group has announced that over 40 agent branches have recently returned to it after initially leaving to list with on OnTheMarket, including a raft of multi-branch agencies and several independents. These include Howard Cundey which has 12 branches in Surrey, Sussex and Kent as well as Jeffries with nine branches in Hampshire (including a recent purchase of a single-agent rival). Other smaller but still multi-branch agents include TaylorMilburn with two branches in Essex; Jon Simon with three branches in and around Manchester and Midcalf Nichols, which has two branches in Stourbridge. “Agents now firmly grasp the ZPG value proposition and cannot afford to be at a competitive disadvantage, using services that simply do not deliver value for their business,” says Mark Goddard, Managing Director, ZPG Property Services (pictured, left). “We have the most effective marketing platform, the best software solutions and are now generating new revenue streams for our partners through products such as MoveIT.” Earlier this month the company claimed that in total over 500 agents had returned to it from OnTheMarket. Zoopla currently lists at least 6,446 sales and letting agents on its site while OnTheMarket lists 3,217. These figures do not reflect the number of…
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Latest property news
In other news – OnTheMarket signs new member!
Estate agency Goadsby which has offices across Dorset, Hampshire and Wiltshire, has joined OnTheMarket.com. The firm – which was established in 1958 – will now be listing all of its properties for sale and to rent at OnTheMarket.com. Goadsby will continue to advertise its properties on Rightmove as its ‘other portal’. OnTheMarket.com announced earlier this year that the level of overall support for the portal had risen beyond 6,500 estate and letting agent offices across the UK, which was an increase of more than 50 per cent since this time last year. The figure consists of contracted members and agents who have signed a Letter of Intent to join OnTheMarket.com when total support reaches 7,500 offices – which is OnTheMarket.com’s next major milestone. David Errington (left), Group Chief Executive of Goadsby, said, “We are keen to support OnTheMarket.com, the UK’s only agent-owned, agent-controlled portal. “OnTheMarket.com is an excellent portal which enables agents to present themselves and their instructed properties in the best possible way with no distracting non-property advertising or unhelpful information added. This is just one of the reasons we have chosen to join.” Ian Springett, Chief Executive of OnTheMarket.com, said: “We are extremely pleased to be welcoming a…
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Marketing
Rightmove posts record traffic
Rightmove delivered more leads than ever before on the back of record online traffic in January, the company has revealed. More than 127 million people visited Rightmove last month, up almost 20 per cent compared to the corresponding month last year, and surpassing the previous record of 118 million set last August. The sharp increase in visits helped to ensure that email and phone enquiries to agents and developers hit a new record of over 4.9 million, up 15 per cent year-on-year. The latest data also confirms what many of us already know. We are a nation obsessed with property. Collectively people spent the equivalent of over 2,000 years browsing Rightmove in January, with the number of page views for the month hitting a new record of 1.7 billion. The most popular places people looked for a new home after London was Bristol, Cambridge and Milton Keynes. Miles Shipside (left), Rightmove Director, said, “These January statistics should give both sales and lettings agents confidence that an active year with plenty of business opportunities lies ahead. While January is usually a very busy month for home-hunting, the scale of these records shows just how habitual Rightmove has become when people are…
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