Hybrid and online estate agents have enjoyed a 10% surge in instructions with overall market share rising by 2.7% to 9.9% over the past year.
According to TwentyCI, which has compiled the data, the surge in market share has been created last year’s lockdown which saw many traditional agents shut up shop for two months.
Also, TwentyCI’s monthly market report shows that online and hybrid agents have been making ‘significant gains’ within London, a market that they’ve struggled to penetrate in the past
“Hybrid online estate agents have traditionally appealed to the owners of lower value properties,” the report says.
“In 2020 we have seen an improved level of penetration into properties of greater value.
“This will be driven both by the increase in the average property price coming to the market (thereby making fewer available in the lower bandings) in addition to the significant uplift of activity across all price bands within the residential property market.”
Hybrid and online estate agents’ progress is not uniform. As well as advances in London, they have gained significant extra share in the East Midlands, East of England, the North West and South West.
But these agents have lost share in several other areas including Yorkshire and the Humber, Wales and Scotland, the North East and West Midlands.
This TwentyCI suggests, is because more middle-class mid-market home movers, who tend to shun online/hybrid agents, have been taken up more of the market following the Stamp Duty holiday introduced last year by the Chancellor.