Zillow and Trulia underwent a colossal merged this week; this helped push the UK’s property portals, Zoopla and Rightmove higher in the stock market, and now, according to the London Evening Standard, there are hopes of the two companies doing the same as their U.S. counterparts.
“[Rightmove and Zoopla] have to keep growing and monetising and there probably will have to be some consolidation in the sector to reduce cost base,” said Joe Rundle, head of trading at ETX Capital. “There will be pressure on these guys to merge.”
Both companies were also helped higher by better-than-expected mortgage approval figures and bullish broker notes. Barclays hailed online property listings as “one of the best digital business models and one of the most attractive opportunities for investors within EU media”.
Rightmove recorded 22.3m property enquiries in the first six months of 2014. The U.K.'s leading property portal is benefiting from the country’s fast-recovering housing market.
The above article was sourced from the London Evening Standard. The original article can be read by clicking here.