Hybrid agents’ market share continued to wane throughout 2023 with exchanges among the sector dropping to 5.2% in Q1 24 from 6.5% in Q1 23 and their share of the market trending lower since its peak of 8.2% in 2019, latest figures reveal.

But data from by TwentyEA, part of the TwentyCi group, shows self-employed agents (a sub-group within hybrid agents) have continued to gain momentum and accounted for 34% of new instructions in Q1 2024 across all hybrid agents – up from 25% in the same period last year.

NEW INSTRUCTIONS

In total, hybrid agents launched 5% of all new instructions in Q1 24 compared with 5.9% in Q1 23 – a drop of 15% but this hides the gains made by self-employed agents. They launched 1.7% of all new instructions in Q1 24 – up from 1.4% in Q1 23 – a rise of 18%.

The findings are part of the latest Property and Homemover Report which compares Q1 24 data with Q1 23.

TwentyEA defines self-employed agents as those without a physical branch, usually working under an umbrella brand such as eXp UK, Keller Williams or iAD. They define their own operating patch and multiple agents may work under the same brand in the same area. A percentage of their earnings goes to their Head Office, but they are fully responsible for how they run their businesses.

As a category, hybrid agents’ penetration across all property values has continued to fall, particularly at the higher end of the market but also among properties of £200,000 or less.

NO SIGNIFICANT CHALLENGE

Katy Billany of TwentyEA, says: “We do not see hybrid agents posing a significant challenge to traditional high-street agents but that could change if the self-employed model continues to grow in popularity.

“With increasing change within the market, it’s important agents are continually working to build a competitive edge.

“One of the most effective ways to do this is by having the latest expert data-based insights at hand. Agents must monitor key performance metrics and use them to make informed strategic decisions.”