Online agents increase market share by 57% in a year – but still have just 5% of market

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There has been a “significant shift” towards using online agents, a new report on the housing market claims.

It says that in the second quarter of this year, they increased their market share by 57% compared with the same period last year.

But despite the dramatic uplift, they nevertheless had only 5% of the overall market between April and June.

And despite oft-repeated claims by online firms to sell homes more quickly than the average, the report says they actually take longer in terms of the time between ‘selling’ and completion.

It says that in the second quarter of this year, high street agents exchanged on 265,192 homes, compared with 12,583 exchanges by online agents.

The new report is from customer intelligence firm TwentyCi, and is the first in what is intended to be a quarterly series.

The company claims to have a 99.6% view of both the property sales and rental markets, and compares each quarter’s performance with the same timespan a year ago.

It says its reports are driven by data, and not by survey or sentiment.

Its first report says that the UK housing market is “surprisingly buoyant”, with the number of exchanges up 6.3% year on year, and up 28% on the first quarter of the year.

Altogether, it says there were some 278,000 exchanges in the second quarter.

The report includes some interesting maps, showing the overall number of moves – into both purchased properties and rental accommodation – per region.

In most regions the numbers were up, but in London, the east midlands and East Anglia the numbers were down.

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Written by: Houseladder