Ian Springett, chief executive of OnTheMarket, has poured cold water on Zoopla’s latest update to the City.
Yesterday, Zoopla reported that it had grown agency membership numbers by 146 over the summer. It also reported a growth in turnover and profits.
But City analysts disagreed about the results.
One said they were stronger than had been expected and that while OnTheMarket was not out, it was going down.
A second analyst said Zoopla’s results were tepid, and that the growth in membership was only 1% up.
Springett said: “Zoopla Property Group’s latest trading update serves to highlight the success of OnTheMarket, which is already firmly established as a leading portal.
“The key fact is that over 90% of our member agents moved both their properties and the associated listing revenue from Zoopla Property Group when they signed up to OnTheMarket.com
“It is no surprise that its UK agency membership remains 22% down year on year or that it has increased by only 1% since its last update for July.
“Support for OnTheMarket continues to grow daily and we noted analyst William Packer from Exane BNP Paribas referring to ‘a healthy resilience’ across our membership base.”
However, investors liked the Zoopla update and the shares rose 25p (11%) to finish the day on 260p.
Comments (20)
I was in TheDuopolyGentleFanniesClub having a pint last night GPL, a friendly chat with other members discussing how things weren’t perfect but in the main life was ticking along nicely.
In the green room opposite was TheFanniesWhoBottledItAndWentForZinsteadOfTheDuopoly Club, they seemed a nice bunch but their beers looked a tad flat.
Ah Yes….. I appear to have entered TheDuopolyGentleFannies Club…… usual old boring Duopoly ramblings…… must be time for them to retire to bed soon.
Sleep soundly Ramblers…… sitting there doing nothing in TheDuopolyWorld isn’t anything to gloat about.
Oooh, yes please, massive price hike from Rightmove is just the filip OTM needs and would prove the case for WHY OTM EXISTS……….d’uh.
Bring back PROPERTY LIVE.
Sure we could resurrect this code and make our own and better gang to these old farts who’ve single handedly ruined our industry.
harry – I think you’ll find that the people who actually ruined our industry were those running banks/building societies/insurance companies 30 years ago; who bought into estate agency not to promote professional service and high ethical standards but to extract the greatest possible profit commission led selling of mortgages, insurances etc etc to clients and applicants. It was when the ‘profession’ became an ‘industry’; and that poisonous legacy long outlived the original perpetrators.
The definition of irony ?
Opening Rightmove’s invoice whilst reading the squabbling emails regarding OTM.
aaaahhhh isn’t life sweet ? It is for Rightmove
‘Ian Springett, chief executive of OnTheMarket, has poured cold water on Zoopla’s latest update to the City.’ NO GET AWAY!!!
What was it again the Messenger said in his comment yesterday!
Well done AM you’ve managed to confirm to both the 2 major portals that they completely dominate the market and both have had significant increases in share values in last 2 weeks.
I have to say I agree with @Rivero.
I can imagine the board of RM backslapping themselves into oblivion.
I bet the sound of all of those high-fives is deafening.
🙁
Zoopla and OTM continue to quibble over which has had the most unimpressive year…meanwhile RM’s senior management are no doubt discussing how much of a price hike can be tolerated due to their now monopolistic domination…biggest own goal ever?
Price hike Rivero?…… don’t pay it! …..Simples really!…… 10 Years on and I am paying a forgettable amount per month!….. why all these Rightmove Members are getting shafted with enormous monthly membership fees is beyond me!?
Have so many Rightmove Members lost the ability to Negotiate with a supplier…… laughable really!
And for the Zoopla Members…… you would faint if you saw the deals that Zoopla is offering to woo departed members back! ……existing Members subsidising New Members….. who is laughing now?
As for OnTheMarket.com….. I pay/invest in OTM as I have an interest in the future of our industry…… for the detractors?…..congratulations!….. you qualify for a Spocsavers Voucher as you are clearly short-sighted!
Dream on DuoployLovers.
You know you have grown bored of all this when you read Z increased their membership by 146 over the summer and your first thoughts are ‘we didn’t have a bl00dy summer this year’.
Zoopla released new information , Springett repeated himself . Has anyone checked he’s actually still there and this just isn’t a recording he’s left on whilst the ship is sinking
still rhymes with ynnaf.
What! He flatlines since launch having promised 250 per month and that is success. best to keep quiet I think – or are things getting desperate??
EHenderson….. sorry? I got the bit about it being best that you keep quiet…. after that you lost me.
Bore off Springett. You’re deluded. Shame on you PIE for printing this too.
Why shame on them for printing it? Should Chesterman and Shipside also not be quoted on these pages?
Congratulations from Match.com….. you have met your ideal partner above! Enjoy.
Is Springett actually saying that a 1% agency increase is a bad thing when OTM has decreased by 1.8% in the same period?
Go home Ian, you are drunk!
Zoopla with Millions!…… and you boast re 1%!???!!!!!!
Yes……you are drunk!