OnTheMarket

OTM says it now lists 55% of total agent properties available in UK

  OnTheMarket says it is rapidly catching up with Zoopla and now lists over 550,000 rental and sales properties and has 9,500 listing agents, the company has announced. This means it has 55% of the total potential market for agent-listed properties while Zoopla has 82%, assuming a total market of a million properties, which Rightmove lists. The latest update from OTM, whose figures suggest it is now signing up between 500 and 1,000 agents approximately every 20 days, indicate that at current rate of expansion, the portal could catch up Zoopla in approximately 15 months, assuming the ZPG portal stands still. OTM has added 4,000 branches to its portal since it listed on AIM in February this year, an increase of 72%. “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,” says OTM’s CEO Ian Springett. “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 news didn’t impact the OTM share price, which since peaking…