Shares in agent-owned house-hunting portal Onthemarket slipped to an all-time low of 67p yesterday.
The value is less than half the 165p debut price in February 2018.
The company made a £7m half-year loss and is down to its last £8.8m of cash in the bank.
The crash in value comes despite Onthemarket outperforming arch nemesis Rightmove on a number of metrics – with agents receiving 34 leads per £100 spent to Rightmove’s 16.
Onthemarket charges agents an average of £288 a month, will Rightmove’s charges have risen from £95 per branch when it first started charging in 2002 to £1,077.
But estate agents only have themselves to blame, says the Times. Rightmove was started by estate agents. If Countrywide and Connells, the agents who sold their stake in Rightmove when it was floated in 2006, had held on, they would have made a further capital gain of 18 times their money, plus about £1bn of dividends on top.
