Strike gaining market share three times faster than nearest rival

Gains by free-to-use estate agency appear to be at the expense of rival Purplebricks but also Yopa, Winkworth, KFH and Hamptons.

strike sam mitchell

Strike is the fastest-growing estate agency in the UK in terms of market share of new instructions says property data company TwentyEA.

Its latest year-on-year comparison report for the third quarter of this year shows Strike growing its share of instructions from 0.65% to 1.07%, an increase of 65%. This means it is growing its market share three times faster than its nearest rival, Haart.

The results also add context to Purplebricks troubled trading update, showing that its market share has backpedalled from 3.83% to 3% of new instructions, or a decline of 22%.

Strike’s gain appears to be largely at the expense of both Purplebricks but also several other high-profile national competitors including Yopa (-12%), Winkworth (-22%), KFH (-14%) and Hamptons (-16%).

The only other large estate agencies with double-digit growth in market share are Haart (+23%), Reeds Rains (+13%), Martin & Co (+30%), Fine & Country (+20%), Bridgfords (+20%) and Newton Fallowell (+10%).

The data comes from TwentyEA’s list of the ‘Top 25’ estate agencies in the UK, which it says is the most relatable list for consumers because new instructions translate into ‘For Sale’ boards and that’s the key metric most vendors use to judge an agency’s success in any given market.

“Of course, in 2021, so much of the world is accessible digitally and not physically, but the same concept applies online as it does offline,” says TwentyEA.

Online and offline

“In other words, consumers will view the largest estate agent brands as those that they see most often in the area they are searching for on the main property portals. For example, Rightmove, Zoopla or OnTheMarket.

“It follows that all other things being equal, the brand with the highest number of new instructions will have the highest number of listings on the main property portals and therefore be the largest estate agency brand.”

Sam Mitchell (main pic) CEO of Strike, says: “The power of having a genuine USP (free), and clarity of proposition is helping Strike really cut through to consumers.

“Our brand awareness is still relatively nascent but is translating spectacularly effectively into market share growth. We generating huge swathes of valuations from word of mouth as vendors seem particularly delighted and surprised by how good we are. And we are only covering 40% of the UK so loads more room to grow.”

The full list
Rank by Market ShareAgent BrandMarket Share in Q3 2021Market Share in Q3 2020% Growth
1Purplebricks.com3.00%3.83%-22%
2William H Brown1.31%1.26%4%
3Your Move1.21%1.13%7%
4Connells1.20%1.21%-1%
5Hunters1.08%1.12%-3%
6Strike1.07%0.65%65%
7Haart1.00%0.82%23%
8Yopa0.84%0.95%-12%
9Savills0.83%0.89%-7%
10Reeds Rains0.82%0.72%13%
11Foxtons0.69%0.70%-1%
12Martin & Co0.57%0.44%30%
13Winkworth0.54%0.69%-22%
14Bairstow Eves0.54%0.56%-3%
15Kinleigh Folkard & Hayward0.51%0.60%-14%
16Dexters0.50%0.52%-3%
17Hamptons International0.50%0.59%-16%
18Fine & Country0.48%0.40%20%
19Knight Frank0.42%0.48%-12%
20Fox & Sons0.41%0.42%-3%
21Wards0.41%0.40%1%
22Bridgfords0.40%0.33%20%
23Chancellors0.36%0.37%-1%
24Newton Fallowell0.36%0.33%10%
25EweMove Sales and Lettings0.35%0.37%-7%

One Comment

  1. Buying market share using V/C, P/E or angel investment is not the same as having a business that stands on its own two feet. I could get a fund of say £30M tomorrow and buy the custom of the property consumer by offering a ‘free’ way to sell a property, and as around 10% of vendors are price or fee sensitive, I am sure I would get takers, which would result in market growth; showing I had ‘users’. But when that £30M runs out so too does the business model.

    In comparison Connells for example do not burn other peoples cash to tempt vendors to use them, they offer localised, high quality, and incentivised practitioners with great tools and training to the public who pay a going rate, eschewing a ‘freemium’ model. Turnover is vanity, profit is sanity, maybe a table of agencies showing their annual profits is a better indicator of who the public should use.

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