OnTheMarket swings to profit for first time

Property website OnTheMarket has posted its first ever annual profit since launching six years ago.

The group reported a £1.1m profit for the year to 31 January, which is compared to the £11.7m loss a year previously.

The swing to profit has been due to boom in the housing market, as people are on the hunt for more space and buying properties amid the stamp duty holiday.

Revenues rose 22% to £23m whilst visits to the website jumped 13% to 267m.

Chief executive Jason Tebb said: “Despite the unprecedented conditions we have faced, we have continued to grow the business and achieve profitability.

“The economic fundamentals still remain. There’s a low cost of borrowing and huge pent-up demand still, and very few properties on the market comparatively.”

OnTheMarket has said that it will repay the £449,000 it received from the government job retention scheme.