Revealed: How far Purplebricks has REALLY eaten up high street market share

Independent research into the hybrid agency breaks down its performance for 2020 including sales agreed, exchanged and listed.

purplebricks

Independent industry research into Purplebricks’ performance last year reveals that it listed 58,884 properties and agreed sales on 50,427 of which 39,227 reached exchange.

This reveals that it has a market share of 4.74% of exchanged sales. This information, which is revealed within the latest report from TwentyCI shown to The Negotiator, shows that Purplebricks achieved an instruction to ‘sale agreed’ rate of 77.8% and a fall-through rate of 21.2%, some way below the industry norm of approximately 25-30%.

But agents who dislike the Purplebricks model will gain some ammunition from these figures.

The TwencyCI data reveals that 17,035 vendors withdrew their properties from the market after using Purplebricks, which at £999 a sale (outside London) means its revenues were boosted by at least £17 million for instructions it did not convert to sales.

Market share

Nevertheless, Purplebricks was the No.1 estate agency brand last year with 3.64% of the overall sales market, almost twice the market share of its nearest rival, Sequence brand William H Brown at 1.26% followed by Hunters (1.17%), Connells (1.15%), Your Move (1.05%), Savills (0.89%), Haart (0.83%) and Yopa (0.78%).

This means that the two largest hybrid estate agencies in the UK at the moment (Purplebricks and Yopa) between them have 4.42%, making them combined larger than Countrywide or the Connells Group, which both have 4% each when all their different brands are lumped together.

It also means that, when Connells buys Countrywide later this year, it will be far and away the largest estate agency chain in the UK with a combined 8% of the sales market.

Visit TwentyCI.


One Comment

  1. 1,132 properties listed every week of 2020, well in between lockdown and Tier restrictions, that is a lot of traction – cease for a moment the pantomime debate about whether onliners are good or evil, focus on what consumer/vendor is choosing to use as a vehicle to market.

    2021, is going to be – speeding digital, goodbye analogue agency, super-brands coming together to form even super efficiencies, and agile businesses making a lot of profit. And ZPG in the portal war space, has already fired a warning shot looking to scoop up more comparison sites, a definite sign that property portals and platforms might be going more TiKTok than being just a static digital billboard for agent’s inventory.

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