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TODAY'S OTHER NEWS

OnTheMarket AGM today expected to hear latest conversion figures

Shareholders at today’s annual general meeting of OnTheMarket will hear the latest conversion figures showing how many agents on free or below-market subscription deals have switched to full-cost membership.

Last month a report to OTM shareholders and the City said that only around 1,000 of its existing members on free deals had converted to paying contracts an average revenue per agency of £337 per month. The report also suggested that OTM was owed £6.8m by agents who had not paid subscriptions.

Of the new contracts who up to a month aho had switched from cut-rate to full-rate, 57 per cent were long-term commitments of three or five years with shares and the majority of the balance were on one year contracts with an option to convert to a longer-term contract with shares.

Losses before tax increased to £14,494,000 in 2018 against £12,070,000 in 2017; meanwhile administrative costs rocketed to £13,639,000 last year, up from £3,887,000 the year before.

The latest statement also revealed that as of June 3, the portal displayed over 650,000 UK residential property listings, some 65 per cent of Rightmove’s total and 83 per cent of Zoopla’s, while in May, a record 25.4m visits were made to the portal, up eight per cent from the previous record in January 2019.

In May leads per UK residential property advertiser rose to 102 per month, while OTM says it provides an average 17 leads per month per £100.

At some point this year it is also expected that the portal will be extended to take in new-builds from developers as well as properties marketed by agents.

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