Signs of change

Purplebricks, EasyProperty, Hatched – online agents are snaffling all the headlines, giving the Martian, arriving from space in January, the idea that traditional estate agencies have been consigned to history. Purplebricks says it will float on the AIM market for £230 million, easyProperty has now banked funding totaling £39.25 million and Sequence has paid an undisclosed but ‘significant’ sum to acquire Hatched, saving them the trouble of creating their own ‘online’ brand. Traditional agents need to research the competition and maybe adjust their services to survive – and thrive. The figures are eye-watering; massive faith in unproved businesses, dramatic headlines about how much sellers will save, gleeful predictions of the imminent death of ‘rip-off agents.’ But is it real? Is that nosy house-hunting Martian going to find defunct estate agencies on every high street? Is he going to find thousands of listings for homes on online agency sites? CEO of easyProperty, Rob Ellice, says, “This new, very substantial investment is a significant step for easyProperty; the most widely recognised consumer brand in a very fragmented estate agency market.” However, since the orange fanfare blew 15 months ago, there has been a lot of noise, but when you visit their website,…

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