Zoopla celebrates record profits despite shortage of properties

December 14, 2015 by Brendan O'Neill

Property Market

Zoopla, the second largest website for property is celebrating a record year for revenue and profits. However, this comes despite a lack of homes made available to house hunters.

The property website announced record-breaking profits for the year ending 30th September 2015. The arrival of OnThehttps://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget, a rival website, earlier in the year caused a few problems for Zoopla, but the acquisition of uSwitch in April appeared to turn things around. Members of OnThehttps://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget.com can only list their properties on Rightmove, the largest property website, or Zoopla.

Despite the organisation announcing this increase in profits, its chief executive and founder, Alex Chesterman has issued a warning that a shortage of property could have a negative impact on the housing market. The company’s website states that a lack of suitable housing will cause problems for the property market.

Chesterman stated that there are a number of factors which could have a negative impact on the property market, including the increase of buy to let investors, reduction of mortgage relief and the increase in stamp duty rates. Chesterman issued his warning just one week after the Chancellor announced that the government pledged to build 400,000 new properties in England, to provide affordable homes.

Zoopla is now considering integrating a new service for its customers, to provide information about the running costs of a property, which will help plan future budgeting. Buying a home is costly and it’s important that you have sufficient money to pay the household bills, even if interest rates increase. A mortgage adviser who is CeMAP qualified will be able to advise in many cases.