Rightmove has grabbed market share from OnTheMarket according to a report from City analysts Liberum and is now the ‘portal of choice’ thanks to OTM’s one other portal rule.
The analysts at Liberum operate what they call a “trend tracker” which for each of the past seven quarters has asked a sample of the public the same question: “Which property portal do you use when searching for sales/lettings?”
Liberum’s latest results, sent to investors yesterday, states: “OnTheMarket has lost share to other property portals in this quarter’s survey whilst 53 per cent of respondents said they would use Rightmove when looking for sales.”
It said that Rightmove strengthened its position from previous quarters on lettings, too - 51 per cent of respondents said they would use RM while both Zoopla and OnTheMarket lost share to other property websites.
The analysts say unequivocally that Rightmove has gained share as a result of OTM’s 'only one other portal' rule but it notes that “This controversial rule is now getting pushback from some in the industry.”
Liberum's analysis quotes the recent open letter from Richard Rawlings and statistician Bradley Payne who complained that the only one other portal rule "has led, not only to a decline in transactions, but also to a decline in new instructions because many people are not bringing their house to market (or are withdrawing it) simply because they do not believe they will find anywhere to buy".
It also cites the EAT report on the central London agency Crayson returning to Rightmove because of OTM’s relatively low traffic levels and numbers of leads.
OnTheMarket has rejected the claims of Rawlings and says it does not comment on individual clients’ contractual positions.
The Liberum report concludes: “The cost of listing on property portals is very small for an estate agent as a percentage of revenues. We see little incentive for estate agents to leave the clear market leader as the shift to online sales continues. In short, we have seen Rightmove evolve into the UK property portal of choice.”
The full report is here.