The market share of hybrid and online agents has remained at eight per cent, according to property industry consultancy TwentyCi. This figure has now remained stable for two years.
Despite an initial surge in popularity during the first lockdown in spring 2020 when High Street agents were closed, hybrid/online penetration did not increase during later lockdowns and restrictions.
However, the sector has seen an improved level of penetration into properties of greater value, a trend that was observed throughout 2020.
Hybrid and online agents have seen a 28 per cent rise in new Instructions in the £1m-plus price bracket since the same time last year. This is driven by both an increase in average property price and the buoyant market, says TwentyCi.
All areas of the UK other than Scotland recorded a growth in new instructions in Q1 2021 with penetration into Inner London (23 per cent) and Outer London (16 per cent) and the North East (41 per cent) most notable.
In its latest snapshot about the wider housing market, TwentyCi says the number of houses for sale in the UK has reached an all-time low.
Listings have dropped 50 per cent compared to usual levels; leaving an average of just two months' worth of stock on the books.
There are currently 530 districts in the UK with property stock levels at under two months.
Norwich is amongst the worst areas in the UK, where in NR5 there is just over one months’ worth of stock left.