Shares in UK property website Zoopla started trading 5% above the initial public offer price today.

Growing confidence in the UK's housing sector helped the property website achieve a valuation of near to £1 billion. 

Zoopla, which was majority owned by Daily Mail And General Trust, priced its offering at 220 pence per share today, after initially setting the range at 200 to 250 pence.

In conditional trading, the shares were up 4.5% at 230 pence, valuing the group at £960m. 

The offer represents 38.3% of the company's issued share capital, with no new shares being issued. 

Daily Mail and General Trust said it planned to retain a stake of at least 31% in Zoopla, having held around 52% before the flotation.

Zoopla, which was launched in 2008, trails Rightmove in the UK online property sector, drawing more than 40 million visits a month to its websites and mobile applications, compared with about 80 million visits for its larger rival. 

Zoopla joins a rush of companies seeking to join the London market and follows recent listings by online groups AO World and Just Eat as well as property agent Foxtons.