"The growth in market share for online agents continues unabated, with this group now representing nearly 8% of all exchanges. "
TwentyCi’s latest Property & Homemover Report shows that online estate agents now represent nearly 8% of all exchanges, an increase of 13% between Q1 and Q2.
In the last year, online agents have established a greater footprint across England, helped by significant investment in advertising and the introduction of more local property experts.
The share of the properties they represent has also grown, increasing by more than 30% in most price bands below £1m.
The report also shows that confidence is building, with new instructions up nearly 7% year on year and house prices remaining stable with no significant discounting.
TwentyCi says this ongoing stability suggests the market could be "starting to see the green shoots of a recovery in confidence, from both buyers and sellers".
Smaller homes remain the biggest sellers, with terraced and semi-detached houses continuing to make up the largest proportion of property sales, accounting for over 55% of all exchanges.
The report also found that the 'Silver Economy' is going from strength to strength, with exchanges up 10% year-on-year.
Colin Bradshaw, TwentyCi’s chief customer officer, commented: “The growth in market share for online agents continues unabated, with this group now representing nearly 8% of all exchanges. It is interesting to note that almost all of this growth has been in properties below £1m.
"Logic might dictate that a fixed-price service would be more attractive to sellers of higher-priced properties, but perhaps this group of vendors is motivated by factors other than just price.”