Zoopla’s profits soar as aspiring home buyers opt to window shop

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Zoopla's profits soar as aspiring home buyers opt to window shop insurance

A slugging housing market has failed to hold back Zoopla Property Group, which has reported soaring revenue and increased traffic on its websites as house hunters browse rather than buy.

Its chief executive, Alex Chesterman, said that the property portal was insulated from the slowdown in housing transactions because of its broad portfolio, which includes the price comparison site uSwitch. He added that Zoopla was seeking to increase its financial services comparison tools, as Zoopla aims to become a "consumer champion".

"We are an incredibly diversified business within property, with sales, lettings, software," Mr Chesterman said. "I think we are very well insulated from any events in one particular sector." He also said that unlike the sales market, demand for rental properties was increasing, and Zoopla could also take advantage of that. 

Pre-tax profits at the FTSE 250 company jumped 38pc to £46.2m in the 12 months to September 30 at the one-stop-shop company, which also owns PrimeLocation and Property Software Group. Revenues soared 84pc to £197.7m.