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OnTheMarket quickly catching up with multi-billion-pound rivals

The online property portal has seen a surge in the number of listings on its site, meaning it is now catching up with industry giants Zoopla and Rightmove

for sale signs
OnTheMarket has signed up more than 4,000 new estate agents since its IPO in February

Online property portal OnTheMarket PLC (LON:OTMP) is catching up with some of its multi-billion pound rivals.

Less than five months since its initial public offering, the AIM-quoted firm has more than 550,000 UK residential property listings on its site.

READ: OTMP sees deeper full-year loss but site visits rising

That’s around two-thirds of the listings carried by Zoopla (LON:ZPG) (valued at £2.1bn) and over half of those carried by Rightmove PLC (LON:RMV), which claims to have 1mln listings on its platform.

“We are extremely pleased that, as a result of our reported growth in contracted agents, OnTheMarket.com is now displaying well over half of the market in terms of UK residential properties,” said chief executive Ian Springett.

“The very strong and growing agent support for our proposition has enabled us to rapidly gain ground on the market share of property listings of our long-established key competitors.”

He added: “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.”

Shares were up 2.5% to 161.9p in early afternoon trading.

Quick facts: OnTheMarket PLC

Price: 80.5 GBX

LSE:OTMP
Market: LSE
Market Cap: £52.18 m
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