Tuesday 13 October 2020 11:43 am

Property platform Onthemarket hails surge in potential buyers after lockdown

Property platform Onthemarket toasted a surge in potential buyers following the lifting of lockdown restrictions earlier this year.

Onthemarket said consumer engagement has been very strong after the government eased restrictions on the UK housing market in May, and it had delivered record leads to advertisers.

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The company said its “new and exclusive” property listings attracted “motivated property seekers” who “deliver value to our advertiser customers through the provision of high-quality leads”. 

In the six months ended 31 July the group posted revenue of £10.2m, up 28 per cent from the previous year.

Onthemarket returned to profit during the period, with a profit after tax of £700,000, up from a loss of £7m last year. 

The majority estate-agent-owned platform said average listed advertisers increased nine per cent to 13,592 in the half-year period. 

Onthemarket acting chief executive Clive Beattie said: “We started the year strongly with trading in February and the first half of March in line with management expectations. 

“However, the first half of the financial year quickly became dominated by the impact of the Covid-19 pandemic. 

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“Our focus during the period has been to safeguard employee well-being, provide value and support to our agent and housebuilder customers and to manage costs and conserve cash. 

“We have been particularly pleased with the strong consumer engagement with the portal since the easing of national lockdown restrictions in May, with record leads indicating that those consumers most active in the property market visit OnTheMarket.com.”