Britain’s online estate agents are starting to outperform many of their high street rivals, according to research by the HomeOwners Alliance (HOA).
The consumer group analysed data from 10 leading online agents – including PurpleBricks, eMoov and YOPA – and found that online agents achieve 95.85% of the original asking price versus a national average of 95.69% from high street agents.
Given that a high street agent in the UK would typically charge commission of 1.3%, as compared to a fee of £849 for a non-London listing by, for example, PurpleBricks, a home seller would save around £2,500 on the sale of a house with an average price of £234,000 by using an online agent.
However, the HOA found that the top 1,000 high street agents found on its EstateAgent4Me (EA4ME) online tool outperformed online agents when it comes to getting more than the original asking price, achieving an average selling price of 100.35% of their value. They also had a higher success rate, selling 82.42% of homes listed with them compared to 51.98% among online agents. The top 1,000 high street agents were identified using EA4ME data and defined as the agents with the best track record of securing over the asking price for their sellers.
|AGENT||AVERAGE SUCCESS RATE||AVERAGE NUMBER OF DAYS TO SELL||AVERAGE % OF ASKING PRICE ACHIEVED|
|UK average high street agent||53.49%||60||95.69%|
|Top 1,000 high street agents||82.42%||21||100.35%|
Who is quicker to achieve a sale?
Online agents seem to sell homes quicker than their average high street counterparts, typically selling properties in 43 days rather than the 60 days on the high street. However, the top 1,000 high street agents took just 21 days to sell a property.
The online agent with the best success rate was PurpleBricks, selling 61.5% of properties listed, while YOPA came top when it came to achieving the asking price (97.07%) and the quickest sale, typically selling properties within 29 days.
Paula Higgins, HOA’s chief executive, says that it really comes down to what type of seller you are. “Sellers who look carefully at their local market before listing their home for sale will probably still be better off instructing the best high street agent in their area. But for those looking for a quick, easy sale with surprisingly high rewards, online agents are an excellent and rapidly improving option.”
|Average asking price||% of asking price||Sale price||Commission / Fee||Final selling price|
|UK average high street agent||£244,540||95.69%||£234,000||£3,042||£230,958|