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TODAY'S OTHER NEWS

Six-figure stamp duty windfall for every agency branch

An online platform claims each agency branch in the UK has benefited from the stamp duty holiday by over £120,000.

WiggyWam says an estimated 772,830 transactions have completed between July 2020 and this month at a typical price of £245,079.

The platform says the estimated commission is 1.42 per cent, making the average completion worth £3,480.

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With an estimated 22,270 agency branches in the UK, this makes for an average of £120,770 per branch in fees since July 2020.

With around 20,661 agency branches in England, each one has earned an average of £112,213 in fees, while in Scotland where there are roughly 784 agency branches, each one has generated a hefty £282,347 in fees.

Each of the 533 agents in Wales have generated £150,535 per branch, and in Northern Ireland, 291 branches have generated £146,943 each.

WiggyWam chief executive Silas J Lees says: “Most are making hay whilst the sun shines, yet those forward-thinking agents with an eye on the future are also contemplating what could be a very different market later this year once furlough ends and the extent of possible job losses are known.

“... Agents need to make plans to differentiate their services from their competition, whilst looking to increase their fees during a slower market.”

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