The market share of the online and hybrid agencies combined has risen to 8.1 per cent in the second quarter of 2021 according to the latest assessment from consultancy TwentyCi.
This was a 0.5 per cent upmost on the first quarter.
The sector is dominated by Purplebricks, Yopa and Strike, who coimbined represent over two thirds of all Hybrid/Online activity.
TwentyCi notes that over the past two years there’s been 10 per cent growth in the range of properties marketed for between £350,000 and £1m, showing a significant level of penetration of Hybrid/Online agents into houses and apartments of greater value.
“Whilst some of this will be driven by the uplift in transactional activity and the rise in the average price of property coming to the market, it also does demonstrate the increased adoption of their alternative customer offering” says the consultancy in its latest report.
Regionally, hybrids and onliness have now achieved significant impact in England, where seven of the 10 regions seeing growth in exchanges over the last two years.
“However, with the density of the UK housing stock wresting in the South-East there is clearly a major challenge for the Hybrid/Online agents to establish a representative market share of the higher priced property locations” cautions the consultancy.
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Last year for months all agents had their doors locked, making them online agents too, so maybe the analysis needs to be re-engineered. Also, if the (true) onliners only acheived 8%, market share, in what was the best year to be an onliner - as their offering was ideal for the pandemic conditions, it looks like with the 19th almost upon us that 8% will float down to itstypical 5.1% to 5.3%, scooping the fee sensitive share of the market. Given Strike is a freemium model, it is arguable if they are actually an agency model at all, more a sales funnel for mortgage and other bolt on businesses, such as viewings which vendors can have as an add on? Who dreams up these marketing ideas - clearly no person who has estate agency and general public knowledge.
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