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OnTheMarket says listing agreements now signed with over 8,500 estate agents’ offices, up by 500 in two weeks

The agent-backed company which operates the OnTheMarket.com property portal, pointed out that this represents growth of more than 54% in less than 4 months

Estate agent signs
OnTheMarket said it believes that it has listing agreements with approximately 45% of UK residential estate and lettings agency branches

OnTheMarket PLC (LON:OTMP) said it has now signed listing agreements with UK estate and letting agents with more than 8,500 office, an increase of over 3,000 branches since the group floated on AIM on 9 February, having added 500 in just two weeks.

The agent-backed company, which operates the OnTheMarket.com property portal, pointed out that this represents growth of more than 54% in less than 4 months.

WATCH: OnTheMarket PLC offering consumers 'exclusive access to many new listings'

The company said it believes that it has listing agreements with approximately 45% of UK residential estate and lettings agency branches.

In May, the group said it has been running its heaviest weight of national TV advertising since the launch period of OnTheMarket.com, as well as its first outdoor poster campaign across London, which has been rolled out over 1,500 sites.

It added that increased consumer engagement with OnTheMarket.com is reflected by the growth in property alerts set up by users - now over one million active alerts.

In April 2018, the group noted that traffic to the OnTheMarket property portal increased to reach 13.7 million visits in the second full month since admission to AIM, compared with 5.5mln visits in April 2017.

READ: OnTheMarket doubles website visitor traffic in first full month since AIM listing

Ian Springett, OnTheMarket’s chief executive officer said: "In sustaining this pace of expansion, we are very strongly encouraged by the growing agent support and feedback to our proposition.

“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."

In early afternoon trading, OnTheMarket shares were trading at 171.5p each, down 2.6% on Friday’ close having posted strong gains last week which took the stock above the 165p IPO price for the first time to a high of 182.5p.

Quick facts: OnTheMarket PLC

Price: 71 GBX

LSE:OTMP
Market: LSE
Market Cap: £49.47 m
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