Tebb promises a ‘new dawn’ for OnTheMarket as CoStar deal goes through

Over 90% of OTM shareholders that voted approved CoStar's acquisition of the property portal.

'The acquisition of OnTheMarket represents an attractive and efficient entry point for CoStar into the estimated £8 trillion United Kingdom residential property market,' says CEO Andy Florance.

Increased spending by estate agents has boosted the property portal's revenue, but a 'higher than expected' number of agents are cancelling contracts as the property market slows.