Hybrid agents have seen their market share eroded by 4% in the last year, with the greatest losses in London, the South East and East of England.
Hybrid market share of Inner London sustained the largest drop (-15.5%), followed by Greater London (-13.8%), the South East (-13.5%), East of England (-12.1%), Scotland (-8.7%) and the South West (-7.2%), research by TwentyEA shows.
These figures compare to 2021 which saw a 8.3% increase in market share for online and hybrid agents without high street offices during Covid lockdowns.
The TwentyCI report revealed last year that three estate agencies dominate the online/hybrid sector – Purplebricks, YOPA and Strike – who between them handle 70% of all the sales.
Stuart Ducker (pictured), strategic solutions director of TwentyEA says: “Hybrid agents are traditionally more popular in The Midlands and Northern Regions of England, than they are elsewhere.
“They have grown market share in the North in 2022, but they have seen a significant drop in their share of the London market. Declines are also large in the South East, the East of England, Scotland and the South West.”
Market share for hybrid agents is goes up to 9.2% with lower priced properties under £200,000. But the hybrid market share is only 1.3% in the million pound-plus bracket.
“All of the hybrid price bands have seen a decline in market share since 2018, with the largest seen in the £350,000 to £1m range, where hybrid market share has fallen by 8.3%,” Ducker says.