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Latest property news
Rightmove shareholders told to sell shares or face 30% drop
Investment bank Citigroup says competition from new OnTheMarket owners CoStar threatens Rightmove's position.
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Latest property news
Why is Purplebricks’ share price at its lowest ebb for 21 months?
See how the Purplebricks share price has sunk below £2 for the first time in 21 months as investor confidence in the company's future wanes.
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Latest property news
OnTheMarket to begin giving out 36.3 million unallocated shares to agents who sign up to longer deals
Property portal OnTheMarket is to begin giving million of shares to agents who go for longer deals.
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Latest property news
OnTheMarket shares drop by 14% following last week’s AIM launch
Shares in the property industry’s newest public limited company OnTheMarket have dropped by nearly 15% since it floated on the Alternative Investment Market (AIM) on Friday morning, including an almost 6% fall today. The share price for the company, which trades as OTMP on the junior stock market, has tumbled by 24p from its initial offer price of £1.63p a share to £1.39p (at the time of writing) cutting the company’s market capitalisation from an initial £100m to £89.59 million, according to Bloomberg. The Financial Times said the portal’s share launch, which offers investors a minority stake in the company, had ‘failed to shine’. These are nerve-wracking times for many of the portal’s 2,700 agent members, who last year voted overwhelmingly to trade in their membership for shares which they are hoping, once their lock-in period ends, they will be able to sell. This is equally true for the company’s key directors including co-founder and CEO Ian Springett (pictured, left). He now holds approximately 90,000 shares in the new PLC allocated to him at entry to AIM, plus nearly three and a half million share options, on top of his £170,000 salary. Several high-profile investors have taken substantial stakes in…
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Latest property news
Brexit vote has helped us, says Purplebricks CEO
Purplebricks CEO Michael Bruce says the uncertainty caused by the Brexit vote in June has been an opportunity for the company, which released its results this week. Speaking during an interview with London-based website DirectorsTalk, Bruce suggested that he saw “Brexit as an opportunity to grow our market share and get out there an educated the UK consumers that the cost of selling your house is too high, you’ve been paying it for too long, and that the unfair commission based model agency is not the one that you should choose”. “We have been very pleased to see that the UK consumer is making that choice, and that there is a seismic change happening in the estate agency [sector] and we’re at the forefront of that change – and we’re looking to capitalise on it.” The comments come after Purplebricks yesterday reported its first profit of £300,000 as well as a 119% increase in the number of Local Property Experts joining the company over the past six months. “This shows that more and more people from the industry want to join Purplebricks to offer a better quality of service,” says Bruce. “It’s why we’re the most positively reviewed estate agent in the…
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Latest property news
Rightmove shareholders ‘find their happy’ as profits soar
Rightmove’s shares soared by 28p to 3057 pence when its financial results for 2014 were announced. Revenues were up by 19 per cent to £167million (2013: £139.9m). Profit after tax was £96.8million, compared to 2013’s result of £97.02 million. The company reported that it made an average of £684 per month from each estate agent branch that uses the service, up 13 per cent year-on-year. In excess of 100 million people visited the Rightmove site in January, a record month for the property portal, acting as yet another indication that a growing number of house hunters are now starting their property search online. Nick McKittrick (left), Chief Executive of Rightmove, said: “The outlook for the UK online property advertising market remains positive as consumers and customers become ever more digital and the market continues to shift from traditional advertising channels.” Meanwhile, OnTheMarket (OTM) has accused Zoopla of becoming desperate as it loses ground in the online property portals war, after it issued a press release last week stating that it had received legal advice that the OTM portal and its member agents could face fines and claims for damages should some of its activities be declared to be infringing competition…
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