Zoopla has revealed that high street agents are enjoying a “resurgence”, according to its latest State of the Property Nation research.
The research, which surveys 6,000 consumers and 650 agents, found that 79% of home sellers instructed a high street agent in the last year, up from 63% the year prior. This was the highest rate reported in the past decade.
The volume of completed transactions completed by high street agents also rose to 66% in 2019, up from 51% the year prior.
High street agents were most popular in the south west, where 83% of home sellers used a high street agent in 2019. Meanwhile, some 82% of sellers used traditional agents in East Anglia and Wales.
Scotland saw the lowest proportion of sellers using high street agents, however, at 64%. Nonetheless, Zoopla said that this figure still represents nearly two-thirds of sellers in the country.
The agency also found that this resurgence has given a “renewed sense of optimism” to the industry. Some 52% of agents believe that more properties will go on the market in 2020, a “stark increase” from the 39% surveyed in 2018.
Zoopla said that agents are now “gearing up” to diversify their revenue streams and “provide a broader range” of consultancy services. Some 43% are planning to offer mortgage advice and brokering, while 42% will look to provide legal service.
Andy Marshall, chief commercial officer at Zoopla, said: “Estate agency as an industry is increasingly diverse and the emergence of onlines and hybrids have certainly given the market a new dimension.
“That said, with research indicating that high street agents are steadfast in their appeal, it suggests that all operators are working to differentiate and add value to consumers – whether it’s through local knowledge, sage market insight or competitive fees.”
He added: “We are also seeing agents actively diversify the services that they offer vendors. Not only does this reap financial rewards for their businesses, but also provides a one-stop shop and eases pain points for buyers and sellers.”