Business | Property

Pent-up demand for homes lifts sales at OnTheMarket and Chestertons

OnTheMarket press image
Joanna Hodgson
22 February 2021

The pandemic property boom with high pent up demand for new homes, has helped two firms to report sales growth.

AIM-listed OnTheMarket, the online property firm set up to challenge Rightmove and Zoopla, cheered full-year trading ahead of expectations, while London estate agency posted record revenues for 2020.

The residential market has benefited from a number of people reassessing housing needs during lockdowns, with some seeking space for a home office or a larger garden.

Meanwhile the suspension of stamp duty on property sales of up to £500,000 was announced in July. It is due to finish at the end of March and has enticed a number of buyers.

At OnTheMarket, which is majority-owned by estate agents, revenues for the year to January 31 will be around £23 million. That is ahead of expectations and above the £18.8 million recorded in the prior 12 months.

It added that there was 28 million visits to the website in January.

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Chestertons, which has 31 offices across London, said sales improved 6% to £46 million.

It said at the start of the first lockdown, when the housing market was effectively shut, the company quickly pivoted its service offering by offering virtual tours and remote valuations.

Restrictions in the sector eased in May and Chestertons said it was “well prepared for the surge of buyers and tenants that were clamouring to move once restrictions were lifted”.

The firm, led by Guy Gittins, increased revenue from its lettings division by 8% and from its sales division by 7%.

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