The ZPG share price yesterday hit a 12-month high following an extraordinary 15% rise over the past two weeks.
Peaking at £3.84, the share rise has been attributed to a raft of cheery analysts’ notes from the major investment houses including Credit Suisse, Morgan Stanley and Investec, all of which hold huge sway in the City.
But investors appear to have been less impressed by the announcement that 100 agent branches have been returning to ZPG’s clutches since OnTheMarket dropped its ‘one other portal’ rule following its de-mutualisation and IPO.
The ZPG share price rally ended abruptly, knocking back to £3.70 from £3.84.
The owner of Zoopla claims the rate of agents returning to it has doubled over the past three months, and four times faster compared to a year ago.
Recent returnees include Screetons in Doncaster, Perry Bishop & Chambers and also Murrays in Gloucestershire, Mathews Benjamin in the Lake District and Pacitti Jones in Glasgow.
“We offer the best value digital marketing in the UK and agents clearly recognise the advantages we deliver to their business and their customers,” says Charlie Bryant, ZPG’s newly-installed Managing Director of Property Services (pictured, above).
“We continue to provide our members with record levels of exposure via our portals along with the widest range of additional services to help agents gain exposure and generate additional revenues.”
Bryant is the former boss of property data firm Hometrack and took over from former PSG founder Mark Goddard whom, after leaving ZPG, has told his followers on one social media site to ‘watch this space’.