Jason Tebb at OnTheMarket says the number three portal is on course to replace Rightmove as the number one.
28th Jan 20260 528 2 minutes read David Callaghan
OnTheMarket claims it has become the fastest growing property portal since it was bought by global data group CoStar two years ago,
CoStar purchased OTM in December 2023 for £100 million with a declaration that it wanted to be “a genuine disruptor to the UK market”, replacing Rightmove as the UK’s number one portal.
Now, OTM says it has achieved “market-leading growth” with a doubling of sales leads and 55% increases in traffic and stock listed.
More than doubledIt says there has been a 55% increase in visits, while page views have more than doubled at 110%, and properties listed are up 47%.
And it goes on, with OTM claiming twice the volume of property alerts sent compared to 2023, and sales lead generation up 94%.
CoStar spent £46.5 million on sales and marketing in the first year after the purchase.
Market-leadingJason Tebb, President at OnTheMarket (main picture), says: “The strategy was clear from the outset: to implement CoStar Group’s expertise and investment early on to accelerate us toward our goal of becoming the market leading portal in the UK.
“These initial two years have focused on fortifying the fundamentals that matter most to our customers: mobilising almost £50m of committed investment to build inventory, enhance web traffic and engagement from serious property seekers, and increase quality lead generation. All while continuing to provide fair and sustainable pricing.
This significant growth is a clear reflection of the rising confidence in our platform.”
“The results speak for themselves. This significant growth is a clear reflection of the rising confidence in our platform as the trusted destination for property seekers and estate agents.”
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Dan Coatsworth, Head of Markets, AJ Bell
Dan Coatsworth, Head of Markets at AJ Bell, told The Neg: “OnTheMarket looks like a classic case of what’s possible when a small company is gobbled up and its larger parent applies tried and testing ways of doing business.
“CoStar is well versed in knowing how to get the most from marketing, and slotting OnTheMarket into its ecosystem appears to have worked wonders.
Now comes the hard part to meaningfully take market share from Rightmove and Zoopla.”
“The big increase in sales leads and website traffic might have been easy wins. The first thing for any acquirer is to go for the low hanging fruit, making small adjustments here and there to deliver stronger results,” he says.
“Now comes the hard part to meaningfully take market share from Rightmove and Zoopla, and that could be a long, hard journey.”
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Tagsjason tebb OnTheMarket 28th Jan 20260 528 2 minutes read David Callaghan Share Facebook X LinkedIn Share via Email
