OnTheMarket (OTM) says its growth strategy is exceeding expectations, boosting its popularity with estate agents and establishing itself as a credible alternative to market leaders Rightmove and Zoopla.
Two years after being acquired by CoStar – a move hailed by some as a potential “gamechanger” in the portal sector – OTM has delivered a positive update, reporting performance that, by its own metrics, surpasses internal expectations.
When CoStar purchased OTM, then-CEO Jason Tebb said the deal would “significantly accelerate” the platform’s strategy, with the goal of becoming the market leader. The company maintains that it remains on course to position itself as a serious alternative to the dominant portals, even as Rightmove and Zoopla continue to lead the sector.
Since joining CoStar Group in December 2023, OTM says it has seen website visits rise by 55% and page views increase by 110%, while property stock grew by 47%. Engagement has also increased, with the number of property alerts sent doubling compared to 2023 and sales lead generation up by 94%.
Tebb, now president of OTM, commented: “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.
“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.”
He added: “The progress we’ve made is only the beginning. With further significant investment in 2026 and beyond, we are more committed than ever to deliver even greater value for our customers, pushing innovation across the platform, and continuing our journey towards becoming the UK’s leading property portal.”
Not convinced – I’ve been on the sharp end of some pretty terrible customer service and subjected to 4 price increases in 2 years with the overall % increase being greater than that of Rightmove. Emporers new clothes….?
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Catching up is one thing, surpassing is quite another! There also the issue that AI could potentially make the portals irrelevant. AI will provide a list of properties that meet your search criteria and is entirely capable of searching agents websites or a portal. With the way AI works, aggregator websites become outdated.
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Nope.
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They seem to have lost their way since the CoStar takeover, with a lot of over-promising and under-performing. I’ve noticed the return of the TV advertising, but there’s been no meaningful change to the website as previously promised, particularly in terms of alignment with Homes.com.
That said, I do receive more seller and valuation leads from OTM than from RM, so in that respect it is an improvement. However, I believe the standard of representatives has declined. They are noticeably less enthusiastic than their predecessors, who I feel were effectively sold down the river. The issue now is that many reps are simply doing a job, rather than actively believing in or promoting the product.
What OTM needs to do is get all agents fully on board by offering clear incentives, such as discounted fees where agents list solely with OTM or use the “Only With Us” option. Unfortunately, reps often fail to mention the “Only With Us” proposition during appointments, which significantly weakens its impact.
In my view, the only realistic way to increase traffic to the website is through sustained TV advertising that actively promotes the “Only With Us” message, helping consumers understand that they will see properties first when searching on the platform.
Finally, OTM could further strengthen its brand by promoting the fact that it only accepts membership from professional, regulated agents, rather than online-only or rogue operators.
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I take it the $1BN lawsuit against Rightmove is not going too well then !!
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From what I can tell, things are moving along well with the lawsuit, but this isn’t related to OTM/CoStar. I’ve also heard that RM is in further talks with Rupert Murdoch regarding a possible sale and may be on the ropes.
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On the 23th December at 5.45pm On The Market sent me an email informing that our fees were being increased. They knew full well that most agents would be closing for Christmas with the hope that they would get minimal push back. They want to be the next Rightmove and are already behaving like them. I still haven’t heard from our ‘business development manager’ despite asking for an explanation.
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The timing of this article is brilliant. Check out Third Points latest letter to CoStar’ CEO. They are not happy and have no faith in the current leadership…
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