Independent agents are busier than they have ever been thanks to the post-lockdown surge but larger corporates are actually losing market share.
That’s the view of The Guild of Property Professionals which says a larger number of vendors are choosing locally-based agencies.
Guild chief executive Iain McKenzie says his organisation’s members - all independent local operators - have been instructed on 58,435 new listings, which has resulted in an increase in the group’s year-on-year market share.
“In terms of new instructions, The Guild’s market share has increased from 5.56 per cent in 2019 to 5.81 per cent this year, because of the high volumes of listing our members are taking on" he says.
Using data provided by property consultancy TwentyCI, McKenzie contends that the top 10 corporate and franchise estate agency groups have seen a collective decline in their new instruction year-on-year market share.
“It seems that while the industry as a whole is seeing more activity this year than last, vendors are favouring independent local estate agents over larger corporate and online agencies.”
McKenzie says that it is not just a case of increased new instructions but also a rise in the number of properties Sold Subject to Contract.
In June this year, SSTC figures had already surpassed the numbers seen last year and they have continued to surge forward.
He adds that from January to August, within The Guild network, there were 42,679 properties SSTC, increasing its SSTC year-on-year market share from 5.97 per cent in 2019 to 6.22 per cent in 2020.
“Much like the new instruction figures, when compared to other estate agency groups, The Guild holds the number one spot, with a large number of other groups seeing a decline in their market share” boasts McKenzie.
“Based on the data, it seems that now more than ever, consumers want to work with a local property expert who they trust and who can guide them safely through the process of selling and buying a property.”