An extraordinary increase in estate agencies has been recorded over the past year.
A total of 10.6% more estate agencies existed in the UK in 2022, bringing the overall number to 24,500, up from 22,145 in 2021. This is all the more remarkable as the in the last five years, the number of agencies has increased by 20.6%, which means half of this growth has come in the past year alone.
The figures from GetAgent show that there has been a 15.4% increase in agency numbers when compared to the pre-pandemic market in 2019, demonstrating the influence that the pandemic property market boom has had on the industry.
COO of GetAgent.co.uk, Mal McCallion, said: “It’s no coincidence that the number of estate agency branches has increased so notably since 2019, after which the pandemic market boom spurred an overwhelming level of activity.
“The nation’s agents have most certainly decided to make hay while the sun is shining in this respect, but with the market now starting to return to normality, the challenge facing them is how they remain competitive, and profitable.”
He added: “The best agents, offering the best service, are those most likely to triumph, as they continue to guide sellers through increasingly difficult market conditions to the ultimate goal of a sale.”
London remains home to by far the highest number of estate agencies. There are currently 7,155 agencies located across the capital, accounting for 29% of the UK total having increased by 11% in the last year.
However, with the London market seeing a more subdued level of pandemic market activity, the region sits mid-table when it comes to the annual growth in agency numbers. This accolade goes to the North East region where the number of agencies has increased by 14.1% on an annual basis.