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OnTheMarket tribunal judgement is a “Pyrrhic victory” says city analyst

first_imgLeading City analyst Jefferies has called yesterday’s Competition Appeal Tribunal judgement in favour of OnTheMarket a “Pyrrhic victory”, suggesting it thinks the downsides of the judgement are as great as its positives.The comments came as the analyst looked at the implications of the ruling, which rejected Gascoigne Halman’s claim that its contract with OnTheMarket was anti-competitive and therefore void, and clearing the way for OnTheMarket to take on the incumbent portals and in particular, Zoopla.Jefferies says that, although it is surprised by the ruling, after reading the lengthy document the logic is easy to understand, but that it doesn’t change its positive attitude to ZPG.The main threats to ZPG, it says, are other factors such as a potential looming economic downturn culling agent branch numbers and the challenges of integrating its recent acquisitions into the ZPG family.not anti-competitiveJefferies says OnTheMarket’s ‘one other portal’ rule is not anti-competitive because agents joined the portal of their own free will, and that now the court case is over Rightmove and Zoopla will have to “sharpen their pencils” to be the ‘one other portal’.“The Competition Appeal Tribunal did agree with the premise that advertising on portals was an estate agent’s key business,” the author’s co-author Anthony Codling (pictured, right) says.“The ‘output’ of an estate agent is the sale of the properties that estate agent has been instructed to sell.“Advertising is a means to achieving that end and no more than that. Estate Agents do not compete as to the number of portals on which their properties are advertised, rather they compete on employing the most successful methods in selling properties.”Jefferies also notes that OnTheMarket has been losing agents while the hearings chugged along – so far one in five of those that originally left Zoopla – and that it thinks few of the remaining agents have the deep pockets at the moment to fund OnTheMarket aggressive expansion plans. July 6, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » OnTheMarket tribunal judgement is a “Pyrrhic victory” says city analyst previous nextRegulation & LawOnTheMarket tribunal judgement is a “Pyrrhic victory” says city analystJefferies says ruling was correct but that mutually-owned portal still faces challenges.Nigel lewis6th July 201701,096 Viewslast_img read more

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