Zoopla has confirmed that it is seeing a contraction in agents’ membership and is expecting to see more branch closures.
CEO Charlie Bryant said: “I wouldn’t call it a tidal wave yet, but we are seeing a decline in the order of a single figure percentage.
“Smaller branches are closing because they are unprofitable.
“In other cases, larger agents are deciding as policy to shut some offices.
“And in other cases, local agents are seizing opportunities to buy out their competition.
“Agents are struggling right now and it is a really tough environment.
“That said, the pattern is massively regional, and there are areas which are still buoyant.
“Generally, though, I think it will be very tough for agents for a while. Inevitably and sadly, there will be more branch closures.”
Bryant said that online agents are not proving immune: “We are seeing a slowdown in the listings of online agents. They are also being impacted.”
He said that rental supply is down, according to Zoopla listings, and that with landlords worried by uncertainty, they are no longer buying – which “is bad news for the sales sector because it is taking a big chunk of buyer demand out of the market”.
Bryant said that landlords are particularly concerned as to possible changes to Stamp Duty, as well as taxes and what will happen with rents.
However, he revealed that he has recently added three more rental properties to his own portfolio.
He said: “They are new properties in Liverpool, which I barely know, but where yields are double those I get for my two properties in London.
“And yes, I am using an agent. As a landlord, it would be foolhardy not to.”
I left Zoopla not because I’m struggling but because their billing was so woeful it took 9 months to get billed correctly. Delighted to have left and you’re right – it is regional. In our area there are more sales and lettings properties with OTM than with Zoopla.
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Apologies to zoopla.
I had to leave you due to on the market making rightmove so strong.
You were doing a great job as well until om ruined it.
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I don’t believe it. Lies. I bet most agents are simply leaving because Zoopla is sh*t and a waste of money!
When I’ve called Rightmove to leave/complain about prices they always say “I’m sorry to hear you’re struggling with your finances…”
NO. I’m not.
It must be a tick box, or an assumption!!
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Could you tell us again how good OTM is for you please JB43?
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You don’t believe that agents are struggling? You don’t believe that larger agents are closing branches down? You don’t believe that small independents are closing down?
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No mention of assisting agents with their fees. Rightmove & Zoopla; two pigs with their snouts in the same trough.
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We’re not struggling and haven’t used Zoopla for ages (never used RM), but deflected their sales call the other day because not only do we use OTM, we mainly use Facebook. Properties are uploaded immediately unlike the seemingly endless uploading of photos with Zoopla, we’re fully in control of the ad and the audience shares the posts for you. We have no trouble letting any properties and Facebook users seem to be our target-market. Win, win, win.
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