Purplebricks has tightened its vice-like grip on the online market according to a new analysis - but the race is on for second place amongst online agencies.
A study by Property Road shows that Purplebricks grew its share in the online sector last year, from 53.2 per cent in January to 59.3 per cent in December.
“However, up until December, their share had remained relatively static throughout the year indicating that is they who potentially have gained the most from the administration of Emoov and Tepilo” says Property Road.
But it says the success story of 2018 amongst online agents may be Yopa - the firm backed heavily by Savills and LSL Property Services.
With a share of 9.6 per cent in January, this had grown to 15 per cent by December.
“While this may a slightly smaller gain than Purplebricks, it appears to be less influenced by Emoov and Tepilo dropping out of the market as it has been steadily increasing throughout the year” says the new study.
In terms of absolute numbers of active listings at the end of 2018, Property Road says Purplebricks is way ahead with 20,272, while Yopa has 5,114,
Express Estate Agency - using a model more like a traditional agent - is next up with 4,375.
Doorsteps has 1,705 and HouseSimple 1,491 while Easyproperty trails badly with 219 listings.
PropertyRoad predicts consolidation within the hybrid/online market this year, saying that: “It’s likely that as we head into 2019, we’ll see more of the smaller guys close up shop or get bought out by the bigger brands in the market.”
You can see the raw data that Property Road works from here.
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Market share is bound to go up if the rest of the market is disappearing. It does not mean that they are improving, just that there is less competition. The real measure is how many sales they make and how much less their clients have received for their properties compared to through a conventional agent?
Read the damn report properly my friend instead of making negative comments before you have done your backup research.
It says Yopa has been increasing steadily throughout the year so is less likely influenced by an emoov crash. In other words, it was already increasing it's share way 'Before' Emoov et al went under.
If you had been watching the market throughout the year, you would know that Yopa is the only real success story out there behind PB regarding online agencies. They are getting popular not because of prices per se but because of excellent customer service which is sadly lacking these days. And it appears they actually like to 'sell' properties not just list them.
Let us not forget that Yopa has also picked up a few prestigious awards this year also.
Yopa is definitely one to watch during 2019. No controversy, they just quietly beaver away and get the job the done. Breath of fresh air in an industry that has become infested with negativity I would say. Suck it down, guys. facts are facts whether you like the online platforms or nay.
I've never seen a Yopa board - ever...
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