Parent company that owns online mortgage broker and financial comparisons sites continues to lose money despite cost cutting
As Rupert Murdoch continues to pursue his attempt to buy Rightmove, its competitor online property portal Zoopla has reported a significant financial turnaround for 2023, posting a pre-tax profit of £18.7 million after suffering a pre-tax loss of £6.2 million last year. In a strange quirk, Zoopla purchased a substantial portion of News International and REA group’s online real estate offering back in 2009.
The latest figures, filed with Companies House, also show a modest increase in revenue, rising from £87.2 million to £90.4 million. To get back into the black, Zoopla reduced its workforce by nearly 20%, with the average number of employees dropping from 483 to 388 over the year. For comparison, Rightmove’s profit rose 10% to £364 million last year.
In a statement from the board, the company expressed confidence in its sustainability and its position in the market. “The directors believe that Zoopla remains a strong and sustainable business, helping consumers explore the property market and find homes with the help of comprehensive listings and detailed market insights,” the statement read.
Zoopla also said that it intended to keep developing its online offer, stating: “The company is dedicated to enhancing its platform for both consumers and partners, continuously developing new features to improve user experience.”
Parent Company Narrows Losses
This financial recovery at Zoopla comes in the wake of significant loss reductions at its parent company Houseful, which also owns Mojo Mortgages, Confused.com, and Uswitch. The parent firm cut its pre-tax loss by a huge £600 million for 2023, reducing the deficit to £134.9 million compared to £714.6 million in 2022. During the same period, the group’s revenue climbed from £391 million to £451.5 million.
Bought by US private equity firm Silver Lake Partners in 2018, the group includes well-known brands such as Primelocation, Money.co.uk, and Hometrack, among others, and continues to expand its portfolio with businesses like Calcasa in the Netherlands.
Houseful Overview
Houseful is a London-based company specialising in residential property software, data, and insights. Owned by Silver Lake Partners, its portfolio includes well-known brands like Zoopla, Hometrack (an automated valuation provider), and software platform Alto. Houseful offers a range of services catering to estate agents, brokers, lenders, and consumers, operating other brands such as online mortgage broker Mojo as well as Jupix, Calcasa, Primelocation, Yourkeys.
History and Growth
Founded in 2007 as Zoopla by Alex Chesterman and Simon Kain, the company quickly expanded through acquisitions, including Thinkproperty.com, PropertyFinder Group, and HousePrices.co.uk. In 2012, Zoopla merged with Digital Property Group and rebranded as Zoopla Property Group (ZPG). Later, ZPG expanded into financial services, acquiring Uswitch and Money.co.uk.
In 2018, Silver Lake Partners acquired ZPG for $2.2 billion, and in 2023, ZPG's property division was rebranded as Houseful to reflect its shift toward data and software solutions in the property market.
Operations
Houseful operates in three key areas:
- Homes – featuring platforms like Zoopla and PrimeLocation.
- Software – including brands like Alto, Jupix, and Yourkeys, powering a significant portion of UK property transactions.
- Data and Risk – focusing on automation in mortgage lending through brands like Hometrack and Calcasa.
