In what is a huge move in the the UK online property landscape, the Digital Property Group Ltd and Zoopla Ltd have just announced agreement to merge their respective businesses.
In a deal they say will deliver enhanced value and performance to both their users and members and will create a credible challenger to long-standing market leader, Rightmove.
In a joint release, the two companies stated that the merger is set to be a big win for estate agents and housebuilders across the UK, creating a clear alternative in a market that has had a single dominant player for a number of years. The combined business will be in a position to offer a superior value proposition and wider exposure and is expected to result in an audience to rival Rightmove, delivering at least as many enquiries to its members.
And for consumers either searching for property to buy or rent or doing market research, the combination will deliver a number of benefits including significantly greater coverage of property listings and enhanced features to help empower them with the resources that they need to make better-informed decisions in the UK residential property market.
The merger will bring together a complementary set of brands including Findaproperty.com, Zoopla.co.uk and Primelocation.com.
Alex Chesterman Founder and CEO of Zoopla said “This deal will be transformational for both businesses allowing us to compete effectively in a market where it takes significant investment to challenge the current market leader. But more importantly, the deal will deliver real value forUK estate agents and developers and we will be in a position to provide them with the widest possible exposure and be their most cost-efficient marketing partner.”
Mark Milner, CEO of the Digital Property Group also said “The combined strengths of both businesses will result in world class products and a team that continues to lead innovation for property consumers and agents alike. The focus will remain on providing market-leading products for our users, and an excellent service in terms of value and performance for our members, and this deal will allow us to deliver even further on that mission.”