OnTheMarket

OnTheMarket
Website
Industry Real Estate, Internet
Founded 26 January 2015
Headquarters London, United Kingdom
Area served
 United Kingdom
Services Property search and research
Website www.onthemarket.com

OnTheMarket.com is a British property search portal that launched in January 2015.[1] It covers the residential property market including sales and lettings throughout the United Kingdom. It is the third biggest property portal provider in terms of traffic and competes with companies including Rightmove and Zoopla.

OnTheMarket plc is listed on the AIM market on the London Stock Exchange.[2]

IPO

On February 9 2018, OnTheMarket plc was admitted to the AIM market of the London Stock Exchange. The key proposition of the business is the creation of an agent-backed, full-scale property portal to disrupt what is otherwise a duopoly of Rightmove and Zoopla by offering a premier search experience to consumers whilst charging sustainably fair prices to agents.[3]

Operations

OnTheMarket.com is an online directory of UK residential properties for sale and to rent.[4] Users can search by postcode and see the properties located on Google Maps. HM Land Registry data is available to provide searchers with sold house prices. The website also lists properties for sale overseas and commercial property lettings and sales.[5]

History

In 2013, estate agents including Knight Frank, Savills, Strutt & Parker, Chestertons, Douglas & Gordon and Glentree Estates founded Agents' Mutual Ltd. The company launched its portal OnTheMarket.com in January 2015.[6]

OnTheMarket members signed up to a 'one other portal' rule as a measure they saw as necessary for the portal to enter the UK market, which was overwhelmingly dominated by two players.

On 5 July 2017 the Competition Appeal Tribunal ruled OnTheMarket.com's one other portal rule - which stipulates estate agent members can list on a maximum of one other competing portal - is not anti-competitive.[7]

In September 2017, Members of Agents’ Mutual voted 89% in favour of demutualisation of the company to introduce a new parent company – OnTheMarket plc – in preparation for the admission to the AIM market of the London Stock Exchange.[8]

See also

References

  1. ↑ Pollock, Ian (26 January 2015). Estate agents launch new property website. BBC News.
  2. ↑ "Admission of OnTheMarket plc to Trading on AIM and First Day of Dealings". London Stock Exchange. February 9, 2018. Retrieved February 22, 2018.
  3. ↑ "OnTheMarket plc raises £30 million with trading on AIM scheduled for 9 February 2018". London Stock Exchange. 26 January 2018. Retrieved 22 February 2018.
  4. ↑ OnTheMarket.com passes milestone. Brighton Argus (05 May, 2015).
  5. ↑ Bishop, Adrian (2 March, 2016). OnTheMarket launches dedicated overseas property channel. Overseas Property Professional.
  6. ↑ Collinson, Patrick (7 March 2015). OnTheMarket is off the mark as the war of the property websites is waged. The Guardian.
  7. ↑ "Battle of the property portals continues as OnTheMarket wins competition case". The Telegraph. 5 July 2017. Retrieved 22 February 2018.
  8. ↑ "OnTheMarket agents vote overwhelmingly to demutualise and float". The Negotiator. 8 September 2017. Retrieved 22 February 2018.
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