Zoopla said to be eyeing a London listing

9th Sep 2013 18:26

Zoopla is said to be considering a stock-market flotation that could value the online property website at up to 1.3bn pounds, the latest in a string of recent listings by property firms looking to take advantage of the current 'boom' in the UK housing market.Government stimulus measures such as the 'Help to Buy' mortgage guarantee scheme have been having a strong effect on the market so far this year, with figures last month showing that UK mortgage approvals were at their highest level in July since the financial crisis in 2008. Meanwhile, house prices in August rose at their highest annual rate (5.4%) since June 2010, according to the Halifax.Zoopla is thought to be in direct competition with FTSE 250-listed Rightmove - currently the UK's largest property portal - which has seen strong growth as traffic on its website has been boosted by an improvement in the housing market. The stock has risen by around 66% since the start of 2013 and has soared over 500% since it listed back in March 2006.A host of other names have entered the market in 2013, including lettings-agent chain Countrywide and housebuilder Crest Nicholson which both floated on the London Stock Exchange earlier this year. Even London-focused estate agent Foxtons is said to be getting in on the act and is expected to launch an initial public offering (IPO) in September.Zoopla's parent company Zoopla Property Group (ZPG), which also owns Primelocation.com, has been acquiring a number of online property brands over recent years with Founder Alex Chesterman quoted as saying his firm has "led the consolidation in the online property sector" since its inception in 2008.Just last week, ZPG bought four new property portals from Trinity Mirror for £3.3m, including SmartNewHomes.co.uk, HomesOverseas.co.uk, Email4Property.co.uk and Zoomf.com.ZPG is said to have appointed Credit Suisse to help it explore "further strategic opportunities" with an IPO among its most likely options.BC