Online property portal Rummage4Property to launch next year - report
By Abigail Townsend
Date: Monday 03 Dec 2018
(Sharecast News) - A new property portal backed by housebuilders is to launch next year, looking to challenge the dominance of market leaders Rightmove and Zoopla.
Rummage4Property has agreed to list all properties built by Barratt Developments, Bovis, Persimmon and Redrow, as well as those listed with Countrywide and around 30 other estate agents, according to the Financial Times.
Online property portals have soared in popularity in recent years, as home buyers and sellers increasingly focus their efforts online.
The sector has attracted considerable investor interest as well. In May, Zoopla's parent ZPG was acquired by US private equity firm Silver Lake in a £2.2bn deal, while OnTheMarket, a portal launched by a group of traditional estate agents in 2015, raised £30m when it listed on AIM in February. In its half-year results in July, Rightmove said revenues were ahead 10% at £131m and pre-tax profits up 12% at £98m.
However, Rummage4Property chief executive Anthony Codling - a former analyst at Jefferies - appeared confident the start-up company would be able to successfully break into the market, telling the FT: "The key selling point is that it is much cheaper that Rightmove, Zoopla and OnTheMarket."
He added that Rummage4Property would initially charge a flat fee of £100 a month, with any changes linked to house price inflation.
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