OnTheMarket.com, the third-largest real estate portal in the U.K. has joined rivals Rightmove and Zoopla as a publicly traded company. The property site, founded as a cooperative by Agents' Mutual, listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE) on February 9, 2018.
The Zoopla Group, parent of number two portal Zoopla.co.uk, announced it is attracting an average of 53 million visitors per month. Meanwhile, challenger OnTheMarket.com lost some 200 agency branches in the past several months.
British real estate site OnTheMarket.com will launch its initial public offering on the London Stock Exchange's Alternative Investment Market (AIM) on Friday, February 9. The company said it expects to raise £30 million ($42 million U.S.).
U.K. real estate classified OnTheMarket.com could be back in court over its "one other portal" rule following a Court of Appeal Civil Division action.
OnTheMarket.com, the British property platform founded by the Agents' Mutual cooperative, added some 250 branches to its client list. This is thanks to agreements with two leading real estate agencies, namely Chancellors Group and Hunters Property Group.
The Zoopla Property Group (ZPG.co.uk), owner of real estate platforms Zoopla and PrimeLocation, announced it has won back more than 1,000 agency branches that had defected to rival OnTheMarket.com.
British real estate association Agents' Mutual has appointed Chris Bell, former CEO of gambling company Ladbrokes, as non-executive director. While its classified portal OnTheMarket.com has signed a five-year agreement with Arun Estates.
OnTheMarket.com, the U.K. real estate platform founded by Agents' Mutual, is encouraging its members to sign five-year contracts to boost its chance of a successful float on the London Stock Exchange.
Top British classified Rightmove.co.uk is the world's most profitable real estate platform. Mike DelPrete, an industry expert and senior consultant of the AIM Group, made an in-depth analysis of global property sites. He concluded that Rightmove's 75 percent EBITDA margin (on earnings before interest, tax, depreciation, and amortization) made it the world's most profitable real estate site.
OnTheMarket.com CEO Ian Springett has responded to analyst Mike DelPrete's critique of the U.K. property site's upcoming float on the London Stock Exchange, noting that "the overwhelming majority of our members have supported our strategic proposals".