OnTheMarket, operators of the property portal onthemarket.com, has announced website traffic in January exceeding 23.5 million visits.

The AIM-listed company attributed the increase in coverage to sustained rapid growth in the number of estate and lettings agent branches contracted to list on the website. It now has over 12,500 contracted branches as at 31 January 2019, compared with 5,500 in February 2018.

"In less than a year since our IPO we have significantly reduced the gap in property listings between our portal and Rightmove and Zoopla and have dramatically increased the number of visits made to it,” said Ian Springett, Chief Executive Officer of OnTheMarket.

“These achievements have produced strong network effects, manifested by the very substantial numbers of leads we are now delivering to our agent customers.

“Our strategy to grow rapidly the scale of the portal is working and these latest milestones indicate that attracting more property-seekers to view more properties, many of which are listed with us on a New & exclusive basis, is a recipe for generating more value to agents.

“That value is not just in the direct advertising return we provide but also in creating much needed competition in a market previously dominated by just two large portal groups."