OnTheMarket

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OnTheMarket PLC
Website
IndustryInternet,Software Development,Search, Property, Housing
Founded26 January 2015 (2015-01-26)
FounderIan Springett
Headquarters
London
,
United Kingdom
Area served
Great Britain
ServicesProperty search and research
Websitewww.onthemarket.com

OnTheMarket.com is a British property search portal that launched in January 2015.[1] It covers the residential property market including sales and lettings throughout the United Kingdom. It is the third biggest property portal provider in terms of traffic and competes with companies including Rightmove and Zoopla. The key proposition of the business is the creation of an agent-backed, full-scale property portal by offering a premier search experience to consumers whilst charging sustainably fair prices to agents.[2]

OnTheMarket plc is listed on the AIM market on the London Stock Exchange.[3]

Operations[edit]

OnTheMarket.com is an online directory of UK residential properties for sale and to rent.[4] Users can search by postcode and see the properties located on Google Maps. HM Land Registry data is available to provide searchers with sold house prices. The website also lists properties for sale overseas and commercial property lettings and sales.[5]

History[edit]

In 2013, estate agents including Knight Frank, Savills, Strutt & Parker, Chestertons, Douglas & Gordon and Glentree Estates founded Agents' Mutual Ltd. The company launched its portal OnTheMarket.com in January 2015.[6]

OnTheMarket members signed up to a 'one other portal' rule as a measure they saw as necessary for the portal to enter the UK market, which was overwhelmingly dominated by two players.

On 5 July 2017 the Competition Appeal Tribunal ruled OnTheMarket.com's one other portal rule - which stipulates estate agent members can list on a maximum of one other competing portal - is not anti-competitive.[7] This judgement was supported in January 2019 by the Court of Appeal.[8]

In September 2017, Members of Agents’ Mutual voted 89% in favour of demutualisation of the company to introduce a new parent company – OnTheMarket plc – in preparation for the admission to the AIM market of the London Stock Exchange.[9]

On 9 February 2018 OnTheMarket plc was admitted to the AIM market of the London Stock Exchange. [10]

See also[edit]

References[edit]

  1. ^ Pollock, Ian (26 January 2015). Estate agents launch new property website. BBC News.
  2. ^ "OnTheMarket plc raises £30 million with trading on AIM scheduled for 9 February 2018". London Stock Exchange. 26 January 2018. Retrieved 22 February 2018.
  3. ^ "Admission of OnTheMarket plc to Trading on AIM and First Day of Dealings". London Stock Exchange. February 9, 2018. Retrieved February 22, 2018.
  4. ^ OnTheMarket.com passes milestone. Brighton Argus (05 May, 2015).
  5. ^ Bishop, Adrian (2 March, 2016). OnTheMarket launches dedicated overseas property channel. Overseas Property Professional.
  6. ^ Collinson, Patrick (7 March 2015). OnTheMarket is off the mark as the war of the property websites is waged. The Guardian.
  7. ^ "Battle of the property portals continues as OnTheMarket wins competition case". The Telegraph. 5 July 2017. Retrieved 22 February 2018.
  8. ^ "OnTheMarket welcomes Court of Appeal decision to dismiss opponent's appeal in the Agents' Mutual v Gascoigne Halman case". London Stock Exchange. 24 January 2019. Retrieved 15 February 2019.
  9. ^ "OnTheMarket agents vote overwhelmingly to demutualise and float". The Negotiator. 8 September 2017. Retrieved 22 February 2018.
  10. ^ "OnTheMarket plc raises £30 million with trading on AIM scheduled for 9 February 2018". London Stock Exchange. 26 January 2018. Retrieved 22 February 2018.

External links[edit]