In Q4 2019, online agent market share “cleared the holy grail” of the 10% threshold for properties valued at less than £200k, according to a report by marketing consultants TwentyCi.
The firm said it is a notable milestone and “proves the consistency” of online agents “steadily building” on their popularity with homeowners of lower priced properties.
Overall, the online agent market share remained steady at 7.9% for a fourth consecutive quarter. With Purplebricks outlining a goal of achieving 10% market share, the firm said it can see that, “collectively”, the onlines are continuing to make progress both geographically and by property value.
Colin Bradshaw, TwentyCi’s chief customer officer, said: “This is a significant win for online agents, yet again demonstrating their appeal to the lower-value end of the housing market.”
He added: “However for Purplebricks to achieve their stated goal of 10% market share a significant penetration into other populace regions of the UK and for properties greater than £200k is essential. Polarisation of their proposition will inhibit their strategic objective.”