The market share of online estate agents fell back to 7.2% of all exchanges in the third quarter of this year.
It was a fall of 6%, compared with the second quarter when online agents’ market share of exchanges was 7.6%, customer intelligence firm TwentyCi has reported.
It said that 20,806 properties exchanged that had been listed by online agents in the third quarter, compared with 268,515 exchanges by high street agents.
Colin Bradshaw, TwentyCi’s chief customer officer, said: “Given the significant and continuing investment in advertising by the pure play online agents, one might have expected their market share growth to have continued to climb, so this fall in the number of exchanges is unexpected.
“We are also seeing some movement to focus on traditional approaches, with Connells Group concluding their online offering with the closure of Hatched.
“A blip in the road or a bellwether sign of structural market change? Only time will tell.”
TwentyCi’s latest report on the property market said that property exchanges in the third quarter of this year were up over 11.6% on the same period in 2017.
However, while new instructions were up 2.5% year on year, it said supply was still subdued and lacklustre.
Separately, shares in Purplebricks have hit a one-year low. Yesterday they slipped 2.5% to 207p. In January, they hit 475p.