OnTheMarket has reported a record month of leads to its shareholders with August beating the previous record set in July. Total leads were over 2 million with an average of 149 per advertiser representing 64% growth year on year. With the increased demand being seen across the board due to a resurgence in latent buyer interest and the freezing of stamp duty in the UK, visits to the portal were also high at 27.5 million.
According to a statement released to shareholders today, a driving force behind the growth in leads is the ‘New & Exclusive’ segment of OnTheMarket which lets agents upload new listings to the portal before they are uploaded on rivals such as Rightmove and Zoopla.
Speaking about the company’s gains, acting CEO Clive Beattie, who will be leaving his post for incoming surprise appointment Jason Tebb, said:
“Our focus remains on driving performance and delivering value for our agent shareholders and the strength of OnTheMarket’s on-going traffic shows a sustainable platform for future growth.”
The statement also included information about OnTheMarket’s financial position. The company has a cash balance of £10m which is up by £600,000 since June. Apart from £2.2 million of deferred creditor payments, OnTheMarket has no borrowings and its share price has recovered from its March nadir of 30GBX to sit at 88GBX this morning.