Market and online agencies locked in stagnation

Recent survey spells bad news for online real estate agencies only holding 7 percent of the market share

The consultancy TwentyCi, which has issued its regular Property and Homemove Report for the second quarter of this year, says that online agencies enjoyed a 1.7 percent growth in their market share for properties priced under £200,000.

But they suffered a huge 12.9 per cent drop in their share of properties worth between £350,000 and £1 million, and a 10.1 percent fall in properties over £1 million.

As with the last TwentyCi report, there’s a significant north-south divide with online agents experiencing falling market share in the south of England, London and east of England.

There was what the consultancy calls “only modest growth” in the north east, Humberside, the north west, Scotland and Wales.

“This continuing trend highlights the appeal of online estate agents to homeowners selling lower-priced properties most typically found in northern parts of the country,” the study says. 

“Online agents are still struggling to compete against the traditional high street agents in these regions and their transactions continue to correspond to the lower end of the market,” it continues.

And Colin Bradshaw, TwentyCi’s Chief Customer Officer, comments: “Online agent popularity continues to typically resonate with the lower-value end of the housing market and from primarily northern regions of the UK where more properties of this nature are located.”

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