Residential property portal OnTheMarket has announced a market-leading rate of growth since its acquisition by CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces, less than a year ago.
Over the last 10 months, OnTheMarket has achieved a 212% increase in traffic and a 348% growth in unique visitors, according to Google Analytics, and its internal verified data shows a 76% growth in sales leads. Additionally, total stock on site has increased by 45% while the number of listing estate agents has grown by 27%.
The figures make OnTheMarket the fastest-growing property portal in the UK with a 90% increase in total visits according to data from digital intelligence platform Similarweb. This is compared to Zoopla and Rightmove which experienced a 9% and 1% decline respectively.
The rate of growth reflects significant progress in a number of key business and operational targets following early mobilisation of CoStar’s expertise and investment, of which £46.5 million has been committed in the first year.
CoStar’s US property portal, Homes.com, has seen similar impressive growth with website traffic exceeding that of Realtor.
Andy Florance, founder and CEO of CoStar Group, said in a statement: “It is hard to believe that CoStar Group acquired OnTheMarket only 10 months ago. The team has accomplished what seems like 10 years of work in this time. Our year-over-year growth speaks volumes about our commitment to delivering exceptional value to both property seekers and agents and we look forward to building on these successes and delivering superior ROI to clients.”
Jason Tebb, president of OnTheMarket, added: “Since the acquisition we’ve been very clear about our goal to become the market leading portal in the UK. This rapid rate of growth, in less than a year, is a statement of intent and shows that we are delivering on CoStar's long-standing strategy of investing and partnering with agents in the industry to generate high-intent leads at a fraction of the cost of our rivals.
“We have utilised the investment and expertise of CoStar with immediate effect, assembling the components of a best in class, user-focused platform, increasing traffic and advertisers far more quickly than initially expected. But this is only the beginning. Our focus remains on becoming the number one property search site in the UK.”
OnTheMarket operates OnTheMarket.com, a leading UK residential property portal provider.
Its objective is to deliver a tech-enabled portal, offering a first-class service to agents and new homes developers at sustainably fair prices, establishing itself as the go-to portal for serious property seekers.
Agent support enables OnTheMarket to display Only With Us properties to serious property seekers either exclusively or 24 hours or more before agents release these properties to Rightmove or Zoopla.
OnTheMarket is owned by CoStar Group, an S&P500 leading provider of online real estate marketplaces, information, and analytics.
CoStar News is part of the CoStar Group.