The share of the sales
market occupied by online estate agents is ‘steady at around the 7% mark’ ,
according to the latest Property & Homemover Report Q3 2019 from consumer
intelligence company TwentyCi.
The report says that online
agent market share averages at around 7% for a third consecutive quarter, being
around 7.3% in Q2 2019, a dip from the 7.6% in Q1 2019, followed by an increase
to 7.9% in Q3. It says high street
agents took a 92.1% share in the last quarter.
TwentyCi comments that
online agency market penetration seems to be improving for lower-priced homes,
but they are struggling to gain market share higher up the market – and that
online agents may need to address this. Colin Bradshaw TwentyCi’s Chief
Customer Officer, says: “Online agents consistently resonate with the
lower-value end of the housing market; to achieve significant growth across the
market we would anticipate a change in approach from these agents to engage
with the broader housing market.”
What online agents may
need to do to secure business from sellers of higher-priced property is
interesting of course. However, many will wonder why – given the vast resources
poured into the online estate agency market in recent years – their market
share is still so low.