Purplebricks and Yopa benefitted the most from the demise of Emoov and Tepilo, a report into the online and hybrid estate agency market has revealed.
Analysis of the sector’s growth by housing market advice service PropertyRoad.co.uk has revealed that Purplebricks increased its slice of the cake from 53% to nearly 60% while Yopa increased its from 9.6% to 15%, helped in part by the two competitors disappearing.
The research found that Purplebricks picked up the most market share during the year, unsurprising given its dominance of the field and its recent offer to take on former customers of eMoov and Tepilo for free. Its other nearest rival, Express Estate Agency, now has 12.4% of the online market, up by just 1%.
The remaining ‘big six’ hybrid/online estate agents now have just over 95% of the market between them. This includes Purplebricks, Yopa, Express Estate Agency, House Network, Housesimple and Doorsteps.
“Consumers are increasingly turning to the brands they recognise despite the recent news about the difficulties faced by previous big brands such as Emoov and Tepilo,” the report says.
It is also clear from the research that the battle for second place is now on. Purplebricks looks unassailable with 20,272 active listings, while Yopa has 5,114, Express Estate Agency 4,375, Doorstep 1,705 and housesimple 1,491. Easyproperty, once heralded as a serious contender to Purplebricks, has 219 listings. The snapshot was taken on 28 December.
PropertyRoad also predicts rapid consolidation within the hybrid/online market, saying that: “It’s likely that as we head into 2019, we’ll see more of the smaller guys close up shop or get bought out by the bigger brands in the market”.