Online agency market share increased slightly in January but is still below the all-time high of 5% and is almost stagnant compared to the same time last year, according to recent analysis.
Analysis from market consultants The Advisory shows that for the past 14 days ending 31 January 2020 online agents recorded a 4.8% market share based on the 90,933 homes coming to market during that period.
This is only marginally up from – 4.8% but still below the all-time high of 5.19% recorded in May 2019.
The analysis also found that new instructions for both physical and online agents was down by nearly 9,000 compared with the same time last year. In addition it noted that Purplebricks increased its OEA market share to 71.9% – up from 71.9% but below its all-time high of 75.1% in Nov 2019.
The advisory also noted online competitor Housesimple seems to be going “backwards” with only 311 new instructions compared with 411 the same time last year.
Gavin Brazg founder and CEO of The Advisory said: ”On the eve of Brexit, the OEA sector continues to bump along at the circa. 5% of market share mark.
“With Purplebricks market share of new listings (last 14 days) being 3.12% of the entire market, they are going to need to pull some big rabbits out of some big hats in order to get to their stated goal of 10% market share. 2020 will be an interesting year.”