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A total of 123,005 supply point switches took place in the first year of the non-domestic water market out of an estimated 2.7 million supply points.
The latest figures from the market operator (MOSL) show a switching rate of 4.6 per cent or 10.5 per cent in volumetric terms until the end of March.
There were 29,690 switches in the first three months of 2018, a slight drop from the previous quarter when 30,649 switches were recorded.
MOSL said the third quarter saw the greatest number of switches in year one, once pre-market switches had been accounted for.
On average, the market saw a rate of 9,273 switches per month since the market opened on 1 April 2017.
“From a geographical perspective, we have seen switching up and down the country, with activity concentrated in the south and south east of England,” MOSL said.
It added: “We have continued to see a preference for customers to move both their water and wastewater services to a single retailer.”
MOSL reveals there are now 26 national retailers, of which four joined since market opening. Four more are thought to be “on their way” to doing so.
It said between 12 and 16 national players have been active in different wholesale areas, excluding NAV areas.
In its Market Focus report for April, MOSL also revealed it came in under budget by £1.7 million for the year 2017/18, with a cost of £942,000 to operate the market per month.
It described the result as in line with its commitment to be a “cost-efficient market operator”.
“This has been achieved through a £700,000 saving against the base budget of £10.2 million and a £1 million saving through change and contingency,” MOSL said.
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