LONDON (Alliance News) - The Financial Times reported Monday morning the UK's largest housebuilders have signed up to a new property portal - Rummage4Property - "to challenge the two dominant market leaders", Rightmove PLC and Zoopla-owner ZPG PLC.
According to the paper, Barratt Developments PLC, Bovis Homes Group PLC, Persimmon PLC and Redrow PLC are among a group of "about" 30 estate agency groups who have signed up to list their homes with the new property portal.
Rummage4Property is looking to compete with the two biggest portals, after they have been criticised by agents for their subscription fee levels.
Average revenue per advertiser at Rightmove increased 8.3% to GBP987 a month, said the FT.
The new portal is looking to offer listing services for "just over a tenth" of that cost - focusing on search optimisation to attract customers instead of using advertising campaigns.
Rummage4Property said it will charge a flat fee of GBP100 per month and would link any changes to house price inflation.
OnTheMarket PLC - another challenger portal - listed on London's AIM in February and its average revenue per advertiser is GBP235 a month.
Property portals give estate agents a digital space to list properties but do not act as agents themselves.
https://www.ft.com/content/993d638c-f4c3-11e8-9623-d7f9881e729f
Rightmove (RMV)
Barratt Developments (BDEV)
Persimmon (PSN)
Redrow (RDW)