Online estate agents lose significant market share in London and East of England

first_imgHome » News » Housing Market » Online estate agents lose significant market share in London and East of England previous nextHousing MarketOnline estate agents lose significant market share in London and East of EnglandThe latest market snapshot from TwentyCI shows online agents’ share of the property market dropped by nearly 20% year-on-year within outer London and by nearly a quarter within its central postcodes.Nigel Lewis17th July 201901,376 Views The share of property sales held by online estate agents is beginning to fall away dramatically in London and the East of England, latest research from data firm TwentyCI has revealed.Within inner London online agents now hold 4.83% of the sales market, down 23.6% year-on-year, while in outer London their share is down 18% to 6%.The East of England is the other region to see online estate agents’ share drop away, by 11% to 4.48% of all property sales.But market share growth in the lower-priced and northern regional housing markets means online agents’ share of the market is ‘holding steady’ at 7.3%, albeit down marginally from 7.5% during the first three months of the year.“Online agent popularity continues to typically resonate with the lower-value end of the housing market and from primarily northern regions of the UK where more properties of this nature are located,” says Colin Bradshaw, Chief Customer Officer at TwentyCI (left).His firm’s data supports this view. Online agents are gaining market share in the sub-£200,000 property market within which they account for 9.01% of all sales, up from 8.86% a year ago.Withdrawn salesThe TwentyCI research also shows that nearly 900,000 houses for sale were withdrawn from the market over the past 12 months as frustrated vendors changed estate agent in a bid to secure a sale.TwentyCI also reveals that 212,000 sales fell through over the past 12 months, or approximately 20% of all transactions.London house prices London online estate agents TwentyCi July 17, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img

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