The latest market analysis by GetAgent reveals the phenomenal increase in the number of estate agencies in the UK over the past five years, with the North East seeing the largest uplift of all UK regions.
GetAgent analysed the number of real estate agencies across the UK and how the sector has grown over the last five years and found that there has been a 10.6% increase in estate agency numbers across the UK in the past year alone, bringing the overall number to 24,500, up from 22,145 in 2021.
This marks impressive annual growth given that, 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.
In fact, 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.
To put this annual rate of growth into perspective, between 2017 and 2021, there was an average annual increase of 456 agencies per year. However, between 2021 and 2022, the number of agencies across the UK climbed to 2,355.
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 has 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.
In the North West, estate agency numbers rose by 13.5% in the last year, and Yorkshire & Humber saw an increase of 13.4%.
COO of GetAgent.co.uk, Mal McCallion commented:
“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.
"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.”