Purplebricks may be the dominant leader in the online estate agency market but niche competitor SellMyHome could boast that it owns the premium end of the market. Research by SellingUp.com shows that properties for sale with Purplebricks have an average asking price of £285,223 compared with SellMyHome at £696,967.
Medium-sized agency SellMyHome, based in Fulham, appears to stand out as an online firm of choice for high end properties – helped by its strong presence in the London market. Property in the capital city accounts for about 40% of SellMyHome’s listings.
All of the UK’s largest five online agents had asking prices above the national average, which Rightmove.co.uk reported in July 2016 to be £307,824 – apart from industry leader Purplebricks which was £22,601 (around 7%) below.
Of the online agents with 1000+ properties on the market, Tepilo has the highest average asking price (£381,601), followed by House Network (£344,278), HouseSimple (£331,734) and eMoov (£315,299).
Notable agencies with lower than average asking prices are Poundland founder Steve Smith’s Estates Direct (£298,175) and easyProperty.com – which has a brand licence from Sir Stelios Haji-Iannou’s easyGroup (£191,433).
Comments by SellingUp.com
SellingUp.com director Oliver Lewis commented:
“The fact that the best known online agent, Purplebricks, has lower than national average asking prices fits the common perception that low cost fixed fee online estate agency suits the bottom end of the market, but this data shows it is not that simple.
“It is worth noting that almost half of the online agents were marketing at above the national average price level, and substantially so in the case of SellMyHome, which is London-centric.
“We hope that these figures are helpful to sellers considering which online estate agent is best suited to sell their property. If a vendor wants to dispose of a property at the lower end of the market they may feel an agency that typically operates at a similar asking price level may be a good match.
“On the other hand, if the owner is selling a house at the top end, even the multi-million pound mark, they may feel that an online agency with proven experience in negotiating at that level would add value and can be trusted with the sale.”
The inventory ‘for sale’ data in the table for eMoov and Hatched refers to these agencies’ main nationwide branches and will be higher when incorporating branch offices, approximately as follows: Hatched +250, eMoov +56.