Online estate agents have once more failed to substantially increase their share of the housing market, latest figures from house selling consultancy The Advisory reveal.
Its analysis of Rightmove listings data for the final two weeks of January show that online and hybrid estate agents listed 4.8% of the 90,933 properties uploaded to the portal, up marginally from 4.58% a year ago.
Purplebricks continues to dominate, listing 3.12% of the entire market or some 65% of the online and hybrid sector’s output.
Despite this, investors appear to be tiring of the company’s inability to increase its overall market share. Its share price rallied to £1.30p following the General Election but has since slumped back down to its pre-election price of £1.07p.
Gavin Brazg, founder of The Advisory, claims his figures show the online estate agent sector’s market share has stood still compared to a year ago and that Purplebricks CEO, who last month restated his belief to investors that Purplebricks can achieve a 10% market share, has a very big hill to climb.
The Advisory’s figures show that almost all online and hybrid estate agency’s saw their listings stand still year-on-year include Yopa and Purplebricks while HouseSimple, which has been heavily promoting its ‘free to list’ proposition in Nottingham, saw its listings three by nearly 100 properties year-on-year.
The report also reveals that the huge increases in activity reported by many agents including Knight Frank yesterday within its prime central London market analysis are failing to work through into the wider market.
The number of properties for sale on Rightmove is currently down 9,000 on the same two-week period in 2019 to 90,933 properties.