Latest research into the market share held by online agents shows they have taken 7.5% of the market overall and that Purplebricks has edged up to 4.98%.
The figures, gathered by TwentyCI for the Guild of Property Professionals, also show that Countrywide is marginally ahead of Purplebricks at 5% of sales agreed during 2019. This paints a different picture to Purplebricks latest full year results for 2019 which claimed it had the largest market share by listings.
Both are in front of Connells at 4.92% agreed sales and then LSL with 2.89% followed by Spicerhaart with 1.48%.
But the point of the figures, presented by Guild CEO Iain McKenzie at the organisation’s national conference in London yesterday, is that its 800 or so independent agents are No.1 when grouped together with 5.91% of the market or 53,669 agreed sales.
McKenzie (left) also revealed the regional market share figures which highlighted a much larger share in the Midlands and North of England for online agents.
In Yorkshire and the Humber they have captured 12% of the market while in both the East and West Midlands it is 10%, considerably higher than most other areas of the UK.
“My personal interpretation is that the ‘bulge’ of market share in the Midlands and parts of the North of England is down to one online agent offering a ‘free to sell’ service,” McKenzie told The Negotiator, referring almost certainly to HouseSimple.
Asked whether the online agency ‘threat’ is over, McKenzie suggested that it was not and that the Guild’s iBuyer initiative, which was launched yesterday during the event, would help member agents circumnavigate the online threat.