The share of property sales held by online estate agents is beginning to fall away dramatically in London and the East of England, latest research from data firm TwentyCI has revealed.
Within inner London online agents now hold 4.83% of the sales market, down 23.6% year-on-year, while in outer London their share is down 18% to 6%.
The East of England is the other region to see online estate agents’ share drop away, by 11% to 4.48% of all property sales.
But market share growth in the lower-priced and northern regional housing markets means online agents’ share of the market is ‘holding steady’ at 7.3%, albeit down marginally from 7.5% during the first three months of the year.
“Online agent popularity continues to typically resonate with the lower-value end of the housing market and from primarily northern regions of the UK where more properties of this nature are located,” says Colin Bradshaw, Chief Customer Officer at TwentyCI (left).
His firm’s data supports this view. Online agents are gaining market share in the sub-£200,000 property market within which they account for 9.01% of all sales, up from 8.86% a year ago.
The TwentyCI research also shows that nearly 900,000 houses for sale were withdrawn from the market over the past 12 months as frustrated vendors changed estate agent in a bid to secure a sale.
TwentyCI also reveals that 212,000 sales fell through over the past 12 months, or approximately 20% of all transactions.