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29 May 2014
New research suggests that online services could be helping to fuel the property boom
Research by myhomemove, the UK’s leading provider of mover conveyancing services, has revealed that when it comes to choosing a new property, more home buyers are relying on online services like Zoopla and Rightmove to find a new home; dismissing traditional estate agency methods in favour of internet-based products.
- 60% of home buyers used online listings sites to search for their new home
- 52% of home buyers dismissed viewing potential properties because they didn’t like the look of them online
- 64% of home buyers believe that traditional property marketing tools (e.g. newspaper supplements) are less relevant than five years ago.
- 44% of home buyers believe the properties they viewed, lived up to their online promise
- The majority of home buyers (24%) offered on the 3rd or 4th property they saw, while nearly 10% only saw one property before putting in an offer.
Commenting on these findings, Doug Crawford CEO of myhomemove said, “There was a time when people would spend their weekends queuing outside estate agents to be placed on mailing lists, but today this is no longer the case; instead people are using online property portals to hunt for and dismiss potential homes. Earlier this month, both Zoopla and Rightmove announced record growth in customer enquiries and site usage, just highlighting how powerful a tool the internet really is in the property transaction process.”
“Our research suggests that by searching for property in this way, people are more prepared to make an offer on the homes they view; fuelling the speed at which properties are sold and creating a mini housing boom.”
This research was conducted as part of myhomemove’s annual conference held on the 14th May and formed the foundation for a lively debate between traditional estate agents and advocates of online estate agency.
Speaking at the event, Adam Day, co-founder of Hatched, a leading online estate agency, supported these views as he said, “2017 will be the tipping point for estate agents, when online estate agency will overtake the traditional High Street model….and estate agents who fail to consider technology will be the first to exit the market completely.” Whilst in contrast, Jon Cooke, Managing Director of Your Move, countered Day’s argument to say, “Having a High Street presence helps us to build trust with our clients.”
myhomemove’s conference, entitled ‘Brick and Click’, was attended by over 200 delegates from across the property and financial sectors. For further details on the event and a full list of survey results, please visit www.myhomemove.com/brickandclick