OnTheMarket's property portal surpasses 12,000 branch agreements

This landmark represents an increase of more than 6,500 branches since the property search portal’s admission to AIM in February and includes 60 offices, largely made up of smaller firms, which have recently entered full tariff paying listing agreements.

Ian Springett, chief executive of OnTheMarket, said: "We have significantly ramped up our marketing activity. In combination with our growing agent base and property stock, this has generated increasingly strong performance in terms of visitor traffic and the volume of high-quality leads we are providing to agents."

The company also attributed the growth in its agency base to its policy of offering free listings under short-term introductory trial offers, with a view to converting these to full tariff contracts when the value of its offering has been demonstrated.

"Our progress to date and the clear support for an agent-backed portal give us confidence that we can continue to build on this strong start and develop a genuine alternative, market-leading, agent-backed portal," said Springett.

OnTheMarket’s shares were down 4.69% at 101.50p at 1639 GMT.