Almost half of agency branches have listing agreements with OnTheMarket

Property portal OnTheMarket has announced that it now has listing agreements with over 8,500 estate and letting agency branches. 

It says that since launching on the stock market in February, it has added more than 3,000 branches to its total - representing growth of more than 50%.

The firm estimates that it now has a listing agreement with approximately 45% of UK residential estate and letting agency branches.

In a statement issued to the London Stock Exchange yesterday, the portal said its current advertising campaign - which focuses on its 'new and exclusive' feature - has led to increased consumer engagement with the brand. It reports growth in the number of property alerts set up by users to more than one million active alerts.

Last month, traffic to the website increased to reach 13.7 million visits - up from 12 million in March and significantly higher than the figures recorded in February 2018 and March last year. 

"We are extremely pleased to be continuing to exceed our own expectations of the overall number of agents signing up, and to have achieved this latest milestone of 8,500 offices just two weeks after reaching 8,000 offices," says Ian Springett, chief executive officer of OnTheMarket.

"In sustaining this pace of expansion, we are very strongly encouraged by the growing agent support and feedback to our proposition. We remain committed to creating an agent-backed, full scale challenger portal that injects some much-needed competition into the property portals landscape by disrupting what has for too long been effectively a cosy duopoly."

OnTheMarket launched on the Alternative Investment Market of the London Stock Exchange on February 9 with a share price of 165p after raising £30 million of its £50 million investment target.