David Alexander

The UK-wide lettings firm has stated that half of all its transactions now occur outside the usual office hours with more people willing to view properties and agree contracts in the evening and at weekends.

There had been some transition toward this situation prior to the pandemic but the last year has accelerated this shift in the market as more people are happy to use online access to view, liaise, and to complete contracts at any time of the day.

David Alexander, joint chief executive officer of apropos, commented: “There has been a major shift to online transactions over the last few years, but the pandemic has simply reinforced this move. Just as more people are consuming everything in their lives online, the property market is going the same way. A year ago, most in our industry would have doubted that potential buyers and renters would have been willing to only view properties remotely whereas now it has become the norm.”

“They are happy to view remotely, deal and discuss the property remotely, and sign the contracts remotely. We are living in a digital age and the acceptance and trust that people hold for digital transactions is now extremely strong.”

“I believe that this is the future for our business. As more of our lives are lived online and transactions completed online, I believe that the bricks and mortar element, which has been central to our sector for decades, will begin to fade as buyers and renters no longer feel the need for a High Street presence to encourage them to rent or buy.”

He added: “The recent mergers in the property market reflect these changes as large firms try to consolidate their positions through cost cutting measures. A larger firm will have lower overall costs through administrative savings, but they will also need to close underperforming or duplicated branches in favour of the more profitable.

“But the bigger picture is that the High Street is undergoing major reorganisation and the need for a bricks and mortar presence is lessening as the years go by. In five years’, time will every High Street have several estate and letting agents? I seriously doubt it.”

Mr Alexander concluded: “The pandemic has altered society and business in ways in which we could never have imagined 12 months ago. It is unlikely that we will return to the same world in which we lived before all this happened and it is essential that businesses, like individuals, adjust to the new normal.

“Quite what that normal will be still remains sketchy but, to me, it is clear that the online business model has been the big winner of the last year and will continue to grow in the years to come. Buying and renting property will be conducted mainly online for the bulk of the process at any time of the day or night or period in the week. Local advisors will need to be available to provide face to face advice, but it is unlikely that a UK-wide network of outlets will be required to service the sector in the future.”