Purplebricks has released figures which appear to show it is one of the most successful agencies - or perhaps THE most successful agency - in the UK.
The figures are in a report commissioned by the agency and conducted by data company TwentyCi.
Estate Agent Today has not seen the report, and the figures quoted below come from a Purplebricks press release; but the statement from the agency comes only hours after Housesimple declared that it would in future sell homes for free - suggesting that the battle between the surviving rival online agencies is hotting up.
The statement from Purplebricks this afternoon says:
- the time taken to complete a sale in the UK has increased by three days in comparison to last year (from 57 to 69) but Purplebricks says it’s the fastest selling agency brand in the UK, selling properties to SSTC stage over a week faster than average at 52 days;
- Purplebricks is beating the average time to complete a sale in the UK (168 days) with an average of 165.7 days between new instruction and completion dates; and
- Purplebricks achieve on average the second highest price for a property in the top 10 agents. The report claims Purplebricks will sell a property for over £9,000 more compared with the average listing from Purplebricks’ closest traditional competitors.
The report goes on to say that estate agents are selling on average 291 homes a week or 1,262 per month. But with an average of 1,023 a week or 4,435 per month, Purplebricks sold (SSTC) 3.5 times more properties than the next largest UK estate agent.
The figures also show:
Conversions: Between May 2018 and April 2019, Purplebricks had the largest conversion rate, at 75 per cent, with a market average for the top 50 estate agent brands as 53 per cent. Purplebricks’ conversion rate remained the same as last year, while the top 20 brands average decreased by 10 per cent. “Not only do they have the highest conversion levels, but they also have the lowest withdrawn levels as well” claims the report.
Market share: The report claims that Purplebricks lists the most properties under £1m, which represent 96.6 per cent of the entire market. Market share is strongest in the £0 to £200,000 band and the £200,000 to £350,000 price band at 4.2 per cent and 4.1 per cent respectively.
Vic Darvey, Purplebricks CEO comments in the press release: “The fact that we’ve sold quickest for the second-year running is due to how we’ve digitalised the process, making communication between buyers and sellers much simpler. Using up to the minute data, with a real-time view of market trends, we’re able to price more accurately meaning this speed of sale isn’t achieved at the expense of value.”
Purplebricks has released some supporting information from the report:
TOP 10 ESTATE AGENTS (alphabetical order): Bairstow Eves, Connells, Haart, Hunters, Purplebricks, Reeds Rains, Savills, William H Brown, Yopa, Your Move;
TOP 50 ESTATE AGENTS (alphabetical order): Abbotts, Allen & Harris, Andrews Estate Agents, Bairstow Eves, Barnard Marcus, Belvoir, Bridgfords, Butters John Bee, Chancellors, Connells, Cubitt & West, Dexters, Dixons, Doorstep Agents National, Entwistle Green, EweMove Sales and Lettings, Express Estate Agency, Farrell Heyworth, Fine & Country, Fox & Sons, Foxtons, Haart, Hamptons International, Housesimple, Hunters, Kinleigh Folkard & Hayward, Knight Frank, Leaders, Martin & Co, McEwan Fraser Legal, Miles & Barr, Newton Fallowell, Northwood, Pattinson, Peter Alan, Purplebricks, Reeds Rains, Robinsons, Romans, Savills, Slater Hogg & Howison, Springbok Properties, Strutt & Parker, Taylors, Ward & Partners, Whitegates, William H Brown, Winkworth,Yopa, Your Move