A recent study conducted by communications agency Oracle in collaboration with YouGov suggests that the dominance of online property portals in the home search market might be under threat, particularly from the younger generation.
For years, online property portals like Zoopla, Rightmove, and OnTheMarket have reigned supreme as the primary go-to source for those seeking to buy or rent a home. Estate agents have invested heavily in maintaining an online presence beyond their own websites to tap into this trend. However, the Oracle-YouGov research indicates that this could be changing.
The study found that among 18-24 year-olds, just 28% identified property portals as their most trusted source of information when searching for a new home. This contrasts sharply with the 45% of 25-34 year-olds and 43% of 35-44 year-olds who still rely on these portals.
Oracle and YouGov conducted a survey with a representative sample of participants, asking them to identify the source of information they trust the most when searching for a home to buy or rent. The drop in trust among 18-24 year-olds for property portals reflects a broader trend among Generation Z, who tend to be more sceptical of traditional advertising and marketing campaigns. Instead, they favour influencers, social proof, and personal recommendations.
Further analysis of the research reveals that 16% of those in the 18-24 age group place their faith in other people’s reviews and recommendations, often via platforms like Trustpilot. This figure is significantly higher than the 10% among 45-54 year-olds and 8% among those aged 55 and above. Additionally, 23% of Generation Z respondents stated that they would trust a personal interaction with an estate agent or letting agent more than other sources.
Much like the influence of web-savvy Millennials on the rapid rise of property portals in the post-recession property market, Oracle and YouGov’s data indicate that a disruption may be on the horizon as Generation Z starts to enter the housing market with distinct buyer behaviours.
Caroline Coskry, Chair of The Oracle Group, commented on the findings, saying, “Websites such as Rightmove and Zoopla have been central to British house-hunting habits for around two decades now, but that dominance could soon be disrupted. Our research shows Generation Z place far less faith in portals than the generations that came before them, opening the door for new forms of property marketing to win their trust with tactics based around authenticity and social proof.”
Recent years have witnessed changes in the fast-moving consumer goods (FMCG) and fashion industries due to the rise of platforms like TikTok Marketplace and Depop. These platforms elevate Generation Z-friendly creator content, recommendations, and influencer-driven selling. Such trends might offer insights into the future direction of the property market as developers and agents aim to capture the attention of younger buyers and renters.
Coskry emphasized the importance of understanding the sources of information people trust, stating, “Understanding what sources of information people put their trust in is a vital part of how we support our property clients, and that’s exactly what we set out to discover in this research. We hope that by shining a light on this forward-looking trend, the industry can prepare itself for how to reach the next generation of buyers and renters. In recent years, Oracle has achieved great results for clients with influencer-driven campaigns, and we fully expect this trend to continue.”
The research was based on data from YouGov Plc, with a total sample size of 2,054 adults, providing valuable insights into the evolving landscape of the property market in the digital age.