Zoopla.co.uk acquires Thinkproperty.com
Consolidation underway in UK property portal market
15th July 2009
Zoopla.co.uk, the UK's fastest growing property website, announced today (15th July) that it has acquired Thinkproperty.com from Guardian Media Group (GMG) for an undisclosed sum.
Thinkproperty.com is a well-established UK property portal, launched by GMG in 2006 and focuses primarily on delivering leads to UK estate agents. Under the deal, Zoopla.co.uk will take over and integrate the Thinkproperty.com brand and website, benefiting from its current traffic of over 200,000 unique users per month, along with becoming the exclusive property search partner on the Guardian.co.uk website.
The deal stands to be a win for agents currently listing their properties on Zoopla.co.uk, who will now gain more exposure and receive more leads as a result of the acquisition.
Alex Chesterman, Founder and CEO of Zoopla.co.uk commented: "We are delighted to be leading the latest round of consolidation in this market as it reinforces our mission of delivering the best possible value to estate agents by increasing their exposure to a wider audience and offering them a broader range of services. We plan to continue to grow our traffic organically and look at possible further acquisitions as part of our commitment to become the most efficient marketing partner for UK estate agents."
Mark Goddard of GMG Property Services commented: "Zoopla.co.uk has made impressive progress in a crowded marketplace and their success in engaging with the UK property consumer via a differentiated experience reinforces the belief that the UK portal market is still able to be disrupted. The acquisition of Thinkproperty.com by Zoopla.co.uk continues to build on what is becoming a very compelling proposition for the UK estate agent and I wish Alex and his team well."
Since its launch last year, Zoopla.co.uk has already made a significant mark on the UK portal market, achieving record traffic growth despite property market conditions, bucking the fundraising climate by raising almost £4m at the start of this year and having become the 5th most-visited property website in the UK in its first year of operation.
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Zoopla.co.uk is a unique property website offering users FREE information and tools to help them make better-informed property decisions. We provide the most comprehensive source of residential property market information in the UK to help buyers, sellers, owners and estate agents alike and to give them an advantage in the property market.
In 2007, following the success of bringing DVD rental to the web with LOVEFiLM.com, Zoopla.co.uk founders Alex Chesterman and Simon Kain realised that the UK property market had yet to fully enjoy the benefits of the internet in terms of its ability to deliver transparency and efficiency. They set out with the mission to transform the property market for both professionals and consumers by:
- offering users FREE access to instant value estimates, sold house prices and local information and trends
- enhancing estate agents. marketing efficiency by providing exposure/leads on a pay-for-performance basis
- helping users find local agents and other property professionals to assist them in the transaction process
- letting buyers make offers on ANY UK home and owners test interest in their homes before choosing to sell
- creating an environment where anyone can ask/answer questions and share their knowledge about homes
By providing FREE value estimates for EVERY UK home, sold prices and local information as well as hundreds of thousands of property listings for sale/to rent, Zoopla.co.uk is fast-becoming the ultimate destination for users to both search for property and to do their market research. We continue to be the UK's fastest growing property website and largest and most active property community, with over a million user contributions to our website in the past 12 months alone. We also offer unique features, like TemptMe™ and AskMe™, which allow consumers to gain an insight into the market and discover information they won't find anywhere else. Our estate agent directory, FindAnAgent and our unique AskAnAgent feature also help guide users to local professionals directly for their expertise.
Our value estimates are calculated using a proprietary algorithm (secret formula) that we have developed by analysing millions of data points relating to property sales and home characteristics throughout the UK. The algorithm works by comparing relationships between home prices, economic trends and property characteristics in given geographic areas. Our estimates are constantly refined, using the most recent data available and a variety of statistical methodologies, in order to provide the most current information on any home.
Zoopla Limited is a privately held company with a highly experienced and proven management team, backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).
- Winner: 'UK's Most Promising Internet Company 2008' (First Tuesday)
- Winner: 'Best Property Website - Gold Award' (Web User Magazine)
- Winner: 'Best Real Estate website 2008' (Websiteoftheyear.co.uk)