Zoopla Property Group is buying Hometrack, one of the country’s leading property market business consultancies.
Established in 1999, Hometrack is one of the UK’s most-used automated valuation model providers; it also provides residential property market insights, analytics, valuations and data services to over 400 partners including mortgage lenders, new home developers, investors, housing associations and local authorities.
Hometrack currently partners with 15 of the top 20 mortgage lenders in the UK as well as all four leading Australian mortgage lenders.
The business, which generated revenues of £15.5m in the year to 30 June 2016, has 55 staff operating out of offices in London and Sydney.
ZPG says the acquisition is “another step in [its] mission to be the most effective partner for its estate agency and new home developer partners. The combination brings together two of the UK’s leading residential property market insights and analytics providers, creating the most valuable property resource in the UK.”
Following completion of the acquisition, Hometrack will continue to operate as a standalone brand and platform with the team forming the cornerstone of ZPG’s data services business, which will be headed up by Charlie Bryant, chief executive of Hometrack.
“We are delighted to announce the acquisition of Hometrack, the clear market leader in automated valuation services in the UK. The deal gives us unrivalled capabilities to serve our estate agent and developer partners even more effectively with market-leading valuation tools and data intelligence to help them win more business” says Alex Chesterman, founder and chief executive of ZPG.