Data revealed by OnTheMarket shows that it is listing more high-end homes worth £3m or more in London and the home counties than both ZPG portals combined, Zoopla and PrimeLocation.
It has also overtaken Rightmove in terms of the number of listings at this value in some key London postcodes.
Outside London, OTM data shows it is listing more homes at £1m-plus than the ZPG portals in a number of areas, including Yorkshire, Lancashire, Somerset and Norfolk.
The news comes as OTM applied to the London Stock Exchange to allow more shares to be traded – altogether, 757,203 new ordinary shares, issued to certain new agents in return for signing long-term listing agreements. Following admission, the total number of ordinary shares and voting rights in the company will be 61,290,521.
As the number of agents using OTM grows – it now reckons to have 45% of the agency market listing with it – so has the inventory, with OTM highlighting growth in the upper price brackets.
In London’s W1, for properties worth £3m and more, OTM lists 237 properties, Rightmove lists 308 and Zoopla/PrimeLocation list 174 (all figures correct as at last Thursday).
In NW3 (Hampstead), OTM has the most available sales properties across the three portals for properties worth £3m or more.
Here, OTM lists 122 properties for sale, Rightmove lists 91 and Zoopla/PrimeLocation list 105.
In NW8 (St John’s Wood), OTM also has the greatest number of listings for homes worth £3m or more. It has 152 properties for sale, Rightmove lists 150 and Zoopla/PrimeLocation has 122.
In the home counties, OTM lists more than double the property stock of Zoopla/PrimeLocation for homes worth £3m or more.
And in specific wider country markets such as Hampshire, Yorkshire, Lincolnshire, Somerset, Devon and Cornwall, OTM outpaces Zoopla/PrimeLocation for properties worth £1m or more.
OTM launched in 2015, Rightmove in 2000 and Zoopla in 2008. PrimeLocation was launched in 2001.
Noel Flint, head of London Residential at Knight Frank, said: “These figures demonstrate the strength that OTM has gathered, despite it being the youngest player among the UK’s three biggest portals.
“None of Knight Frank’s properties can be found on Zoopla/PrimeLocation and we have a general policy of launching new properties at OTM up to 48 hours before Rightmove.
“There are many other agents across the country who have chosen to support OTM in the same way. Importantly, this is a clear demonstration of exactly why the most active property-seekers need to search the portal if they are looking for a new home.”
Patrick McCutcheon, head of residential at Dacre, Son & Hartley, a 20-plus branch firm based in Yorkshire, said: “OTM has gained significant market coverage in Yorkshire since its launch three years ago.
“We are delighted to see it performing so well here, especially in the £1m and above market where it has overtaken Zoopla/PrimeLocation in terms of the number of listings for this particular market segment.”
Ian Springett, chief executive officer of OTM, said: “This latest data is a further demonstration of the rapid progress we have made in the UK’s property portal market.
“OTM continues to gain ground at all price points across the country as more and more agents recognise the benefits of an agent-backed portal.”
The comparative property stock numbers in the press release are based on a search for properties for sale in postcodes or counties shown below on May 31. All figures quoted are available sales properties and exclude SSTC.
| Portal comparison: Thursday, May 31st 2018 | |||
| £3million and over (sales) | |||
| Prime London | OnTheMarket.com | Rightmove | Zoopla/PrimeLocation |
| SW1 | 319 | 339 | 227 |
| SW3 | 161 | 184 | 119 |
| SW5 | 12 | 19 | 17 |
| SW6 | 47 | 62 | 30 |
| SW7 | 165 | 166 | 115 |
| SW10 | 52 | 64 | 38 |
| NW1 | 76 | 77 | 50 |
| NW3 | 122 | 91 | 105 |
| NW8 | 152 | 150 | 122 |
| W1 | 237 | 308 | 174 |
| W2 | 96 | 143 | 133 |
| W8 | 118 | 147 | 82 |
| W9 | 19 | 23 | 21 |
| W11 | 76 | 85 | 45 |
| W14 | 32 | 41 | 40 |
| TOTAL | 1,684 | 1,899 | 1,318 |
| £3million and over (sales) | |||
| Home Counties | OnTheMarket.com | Rightmove | Zoopla/PrimeLocation |
| Berkshire | 76 | 83 | 29 |
| Surrey | 294 | 417 | 122 |
| Buckinghamshire | 69 | 88 | 33 |
| Hertfordshire | 63 | 71 | 48 |
| Essex | 25 | 44 | 17 |
| Kent | 32 | 39 | 6 |
| East Sussex | 13 | 16 | 3 |
| West Sussex | 24 | 33 | 12 |
| TOTAL | 596 | 791 | 270 |
| £1million and over (sales) | |||
| Wider country areas | OnTheMarket.com | Rightmove | Zoopla/PrimeLocation |
| Hampshire | 418 | 629 | 337 |
| Dorset | 232 | 509 | 256 |
| Wiltshire | 123 | 174 | 64 |
| Oxfordshire | 364 | 499 | 194 |
| Cambridgeshire | 112 | 170 | 40 |
| Norfolk | 84 | 117 | 45 |
| Yorkshire | 279 | 340 | 108 |
| Lincolnshire | 56 | 70 | 14 |
| Suffolk | 87 | 131 | 40 |
| Shropshire | 50 | 56 | 9 |
| Lancashire | 70 | 151 | 57 |
| Somerset | 228 | 279 | 23 |
| Devon | 246 | 307 | 95 |
| Cornwall | 136 | 190 | 65 |
Foxtons, thamesview group, Romans….its time to jump on board the OTM train.
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Ok great. I think every agent in our location is on it now apart from connells..
What is the plan? When is the great big Rightmove switch off.
Not sure about anyone else but every day we share rightmove and zoopla with the payanyway agents we are losing ££££££££££.
With recession coming quickly due to brexit stalling the whole country.
We don’t have much time left.
I suggest end of July for switch off.
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Please #onthemarket you need to get a decent advertising company for tv adverts.
They need to a slate the Payanyway model and say agents on our site use ethical no sale no fee and humans so u don’t negotiate your own sale and lose £1000’s
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Aren’t they letting ‘Pay Anyway’ or Call Centre Listers onto the site as well?
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They are.
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Hi: From an interested bystander, very interesting — mind sharing which Pay Anyway or Call Centre Listers are on the site? Or do you mean in the future they will be allowed on?
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Think they take anyone now, give them a call. They are desperate for stock. Most agents are getting 6 – 12 months free as well.
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Have to ask: Isn’t this the same strategy Rightmove used originally (giving 6-12 months free)? Curious why the vitriol at it now.
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Interesting spin on the shares give away . Although necessary to encourage agents to commit it’s diluting the earnings per share of those who already own.
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Remove all Rightmove and Zoopla rubbish from your windows and websites and just promote OTM.
This way we can keep subscription costs low on a long term basis.
If a vendor does ask if you advertise on Z and R you can simply say. “Ah… yes, we do advertise on those older sites, but the best response is from OTM”
OTM is your last card before you you may have to shut shop.
Come off Righmove and Zoopla now and start the movement and let’s try to unite and keep the full service estate agency alive.
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“If a vendor does ask if you advertise on Z and R you can simply say. “Ah… yes, we do advertise on those older sites, but the best response is from OTM”
So you think it is acceptable to lie to the public?
OTM is just as bad (if not worse) than RM & Z they will squeeze every last penny out of you same as all the others, at least the others have been honest about it.
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I am assuming you are not OTM, If you were on OTM you will find that your are starting to receive some quality enquiries from OTM compared with Z and R.
So you will not be lying to the public if you don’t have window stickers in your window.
Any portal works on inventory, if more properties go on OTM, the more quality enquiries you will receive. Its all a numbers game.
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I am on OTM and RM and the RM leads outnumber the OTM 10 to 1
And the quality of the leads are no better, any portal that says they get “better quality leads” are quite simply not telling the truth. There is noway a portal can ensure that.
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While iam paying £1000 to rightmove iam not going to make them an after thought.
I need value for money.
Better still i need rightmove and zoopla dead.
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I have been monitoring this very closely and am receiving as many enquiries from OTM as RM at the moment.
Could be a flash in the pan but will continue to monitor in the hope that I can save £17k a year an RM costs in the not too distant future.
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What you are saying is simular to telling someone asking if a shop has coke, saying yes, but implying they are better off buying happy shoppers coke instead. Fact is, it just isn’t the real thing. Even if it is cheaper.
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Giving free advertising to the likes of rightmove and Zoopla by placing their stickers in our windows is a bonkers idea and always has been.
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I was ardently anti OTM because of the restrictive ‘only one other agent’ clause. Now that’s changed, and because of RM’s greed, I would like to join, the only reason for hesitation is the prospect of someone gleaning loads of dosh again – ‘All animals are equal’ etc.
Can someone reassure me that this will not happen??
I fear not!
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They cannot.
Given they have changed the goalpost numerous times (to their benefit) i do not trust them.
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Get free 6 months and then leave if they don’t kill rightmove.
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I wrote to Rightmove recently to say goodbye quoting their unreasonable pricing policy and monopolistic behaviour. Today I have splashed out on shares in OTM.
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That is quite concerning I have to say. Be extreamly careful you do not ruin your bank balance and agency by buying into all the hype. To have confidence in something is fine, but don’t be blinded by all the noise. They have limited funds, low organic traffic, and lead levels. I do agree on one thing though, Righmoves pricing can be quite shocking at times.
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I find this article rather misleading. I may have missed it, but where does it say that OTM have been offering free advertising for a 6 month period with the removal of the 3 portal rule?
Of course their numbers will increase, its free and with no caveats. Their original principal of ditching one of the big portals to go with them is now but a memory, which goes against everything they bleated on about in the first place.
Just another money making exercise for Mr Springett.
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Has anyone checked how many are actually for sale or rent, not in sold etc status? Would be interesting to know. Also how many are not Knight Frank, Savills etc?
But I guess the thing here is, a portal could have every listing in the country, but unless they have traffic which is not just unsustainable paid for google clicks, including returning traffic and a large volume of decent quality leads, the listings are worthless.
Interestingly, no actual leads ‘numbers’ have been given from what I’ve seen for perhaps 2+ years? Certainly not since IPO. A successful portal isn’t all about listings and number of agents, although it’s a start.
I expect they have the next year or so to make massive traffic and leads gains, or they will fail. Unless, they again, extend free contracts. This would perhaps buy them a little more time, should finance allow. How many agents would continue to waste time on something they receive nothing back from.
It will be an interesting 12 months…
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There may well be a lot of people that only know of Rightmove and only will search on Rightmove as part of their purchase. My view is that most people when looking seriously will do a number of things, including registering with agents, checking known sites and driving round areas they are interested in. They will no doubt also do a google search. This is where they will find Onthemarket listed above all the other sites.
Try it; ‘property for sale in… property to let in…..’
This is no doubt why I have seen more leads from otm than Rightmove, (and I am on all three main sites; soon to be was).
True I sold out of sales a few years back (phew) and now am just lettings, so perhaps I don’t have to worry so much about clients having a need to be on RM. But I urge others to get behind this third portal in order to show Rightmove that competition exists, and that competition is there to ensure big companies don’t act against the interests of their clients in the way they run their business.
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