OnTheMarket (OTM) claims that that is now the property portal of choice among UK housebuilders and developers, following a sharp rise in the number of new homes advertised on its site in recent months.
OTM says that its new homes stock now stands at 95% of Rightmove’s developer listings for the first time, helping the platform surpass 15,000 advertisers, which includes both estate agents and developers, exceeding its previous high of 13,867 recorded back in June 2020,
The milestone comes less than six months after its acquisition by CoStar Group, but it is not clear why there has been a sudden surge in advertisers – both developers and estate agents.
OTM is keen to point out that the the likes of Places for People are currently promoting their new homes through the portal, but it is not known whether they are paying to do so.
“The backing of our advertisers is an incredible endorsement of the direction in which the business is headed,” said John Doyle, head of New Homes at OTM.
OTM last month announced that it had signed a listings agreement with Seymours, one of the largest independent estate agency networks operating in the South East of England, to advertise its residential sales and lettings properties.
The signing came just weeks after OTM unveiled similar deals with Edward Mellor and Rettie, with both agencies committing to advertise with the portal.
But again, it is not clear if these are paid listings, or if they have been offered a free trial.
OTM has in the past offered agents free listings via short-term introductory trial offers with a view to later converting to paid-for listings. Despite a degree of success, it did not succeed in turning all its ‘freebies’ into paying customers.
EYE approached OTM for clarity. But a spokesperson declined to comment because the matter is ‘commercially sensitive’.
