New figures released show High Street estate agents taking an increasingly large market share as online operators continue to crumble.
According to the fortnightly update from The Advisory, a consultancy that monitors housing market trends, figures for the two weeks to June 28 show that not only do High Street agents have a massive 97.2 per cent market share, but they also grew their market share over at a greater rate than the three best performing online rivals.
Other figures show:
“Reports of the death of high street estate agents have been greatly exaggerated. For all the promises of disruption, the top 10 players in the online estate agency sector account for just a paltry 3.8 per cent market share. If the sector were a house it would be a money pit” explains Gavin Brazg, founder and chief executive of TheAdvisory.
“With this current market share, I can’t see many high street estate agents lying awake at night petrified they’re about to experience their very own Uber or Amazon moment. Despite their eye-watering marketing spend, Purplebricks’ new listings seem to have remained broadly in-sync with the market as a whole. They seem not to be outperforming the market and so it’s hard to see how they’re going to grow the company to take double digit market share.”
You can see the full report from TheAdvisory here.
Meanwhile, the Daily Telegraph over the weekend predicted that Purplebricks would post losses of £51m when on Wednesday it reports its financial performance for the 12 months to the end of April.
Source: By Graham Norwood for EstateAgentTODAY publication