City analysts Liberum have released a report indicating that Rightmove have grabbed market share from OnTheMarket. They are saying that Rightmove is now the ‘portal of choice’ due to OTM’s one other portal rule, “This controversial rule is now getting pushback from some in the industry.”
The analysts at Liberum have a “trend tracker” which asked a sample of the public the same question: “Which property portal do you use when searching for sales/lettings?”
The results, sent to investors states that “OnTheMarket has lost share to other property portals in this quarter’s survey whilst 53% of respondents said they would use Rightmove when looking for sales.”
The recent letter from Richard Rawlings and statistician Bradley Payne was mentioned by Liberium as they said the rule “has led, not only to a decline in transactions, but also to a decline in new instructions because many people are not bringing their house to market (or are withdrawing it) simply because they do not believe they will find anywhere to buy”.
OnTheMarket has rejected the claims made by Richard Rawlings and say it do not wish to comment on individual clients.