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Traditional estate agent values rally as online only market share slips

New research from leading estate agency comparer GetAgent spells good news for the traditional high street agent, suggesting the recent interest in online only agents may be waning.

The market share for online agents fell sharply in the period up to the start of the coronavirus pandemic with the total share of all online agencies dropping from a peak of 6.35% in September 2018 to just 4.8% in February 2020. 

Changing Home Director Jeremy Jordan welcomed the news. “We know from our customers how much they value the personal service we offer, especially as buying or selling a home can be such a stressful time,” he said. “We’re built on traditional values with human interaction blending with a modern innovative approach.”

Colby Short, founder of GetAgent says, “Estate agency as a whole has never been short of its critics but this criticism certainly seems to have shifted towards online and hybrid agents over the last few years.

“However, this more DIY approach to selling does have its pitfalls. Many customers feel as though they’ve been left a little high and dry when it comes to the completion of a sale and that they didn’t achieve the price they would have otherwise.  

 “This seems to have had a knock-on effect on the popularity of online agents with even the industry leader, Purplebricks, seeing a steady decline in business.  

“With yet more uncertainty now shrouding the market, it’s likely that many home sellers will value the professionalism, service and accountability that comes with a traditional agent and the online market share will continue to suffer as a result.”

Research compiled by Get Agent from an analysis of major portals cross-referenced with Land Registry and other information. https://www.getagent.co.uk