A property analyst has warned against comparing the number of branches on Boomin to Rightmove.
Challenger portal Boomin revealed its first batch of 10 paying agents last week including original backers such as Foxtons.
Anthony Codling, former City analyst and now chief executive of proptech firm Twindig, estimates that Boomin currently has more than 200 publicised branches paying to be on the portal.
He says: “If we sum up total branches so far we have 212 paying branches with eight of the 10 firms mentioned serving London.
“Of the paying agents so far released, we estimate that Boomin has more than 150 branches across London and when we remember that the UK housing market is a collection of thousands of local markets, then success is built from the bottom up local market by local market rather than the top-down.
“There could, of course, be more paying customers in London yet to be announced.”
He adds that looking at the headline figure of how many branches a challenger has compared with Rightmove is the wrong yardstick with which to measure success.
Codling adds: “We believe that the concentration of those branches is more important than the total number of branches.
“Success in one local market is often transferable to another local market, and then another, and another, and if this sort of geometric or viral growth accelerates it could well catch some of the larger players unawares.”
He also suggests it is important to “follow the money.”
Codling adds: “So let us not forget that according to reports, Boomin has also just raised around £20m to fund the next stage of growth, and we doubt that investors would have backed Boomin at this stage if they thought it was busted rather than booming.
“One press release does not make a successful business, but the first one about paying customers has certainly piqued our interest.
“As ever, the property portal market and the UK housing market are rarely dull. Time will tell if Boomin transforms the portal market, but it is certainly having a good go.”