OnTheMarket’s Remarkable Growth Post-CoStar Acquisition

In the highly competitive landscape of property portals, OnTheMarket (OTM) has made significant strides since its acquisition by CoStar Group. By leveraging CoStar’s investment and expertise, OTM has emerged as one of the fastest-growing property portals in the UK, experiencing impressive growth that is reshaping the market dynamics.

OTM’s Growth in Numbers

According to recent reports, OTM’s growth has been staggering. Using data from Similarweb, OTM has seen a 90% increase in total visits in the 12 months leading up to September 2024. This surge stands in stark contrast to its competitors, Zoopla and Rightmove, which saw a decline in visits of 9% and 1% respectively. This rapid increase in traffic signals a shifting tide in consumer preferences and online engagement in the property market.

Moreover, OTM’s internal verified data reports a 76% growth in sales leads, and its stock of properties on the site has increased by 45%. Estate agent listings have also surged by 27%. These are significant indicators that OTM is rapidly gaining traction and providing both property seekers and agents with a compelling alternative to the traditional giants of the market.

CoStar Group’s Influence

A major factor behind this meteoric rise is the backing from CoStar Group, which has committed £46.5 million in investment within the first year alone. CoStar’s founder and CEO, Andy Florance, praised the team’s accomplishments, stating, “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.”

This statement underscores the scale of development and the aggressive approach OTM has taken to establish itself as a serious contender in the property portal arena. CoStar’s operational expertise and long-term strategy have allowed OTM to enhance its platform’s user experience, grow its audience, and significantly increase its return on investment for clients. This is particularly vital in a market where high-intent leads and cost-effectiveness are critical to success.

Looking Ahead: OTM’s Ambition to Lead

Jason Tebb, president of OnTheMarket, is confident about the future. He stated, “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.”

Tebb’s remarks highlight OTM’s clear focus: to provide value to both agents and property seekers through a user-focused platform. With traffic and advertisers growing at a faster pace than expected, it is evident that OTM is well on its way to becoming a leading portal in the UK.

What This Means for Property Seekers and Agents

For property seekers, the rise of OTM offers more options and greater transparency in the property market. With a substantial increase in property listings and a growing number of estate agents on board, users can expect to find a wider range of properties, from homes to commercial real estate, with ease.

For estate agents, OTM’s rapid growth presents an opportunity to reach more potential buyers and sellers while benefiting from a lower cost-per-lead compared to traditional platforms. CoStar’s investment has already enabled OTM to enhance its lead generation capabilities, ensuring agents can capitalise on a platform that prioritises their needs without breaking the bank.

Conclusion

OTM’s remarkable growth is a clear sign that the UK property portal market is evolving. With CoStar Group’s backing and a clear strategy focused on delivering value to both agents and users, OTM is poised to challenge the dominance of Zoopla and Rightmove. As it continues to grow and innovate, OnTheMarket may very well become the leading property search platform in the UK, offering new opportunities for both property seekers and estate agents alike. Keep an eye on this space, as the competition for the top spot is only just beginning.