The outbreak of COVID-19 was a cause of concern for the UK property market as the sector was locked down along with the rest of the nation at the start of 2020. However, when the government lifted restrictions a few months later, a property market boom ensued and we’re yet to see both buyer demand levels and house price growth subside.
An industry survey commissioned by estate agent, Nested, found that 35% of estate agents have hired additional staff to keep up with the current market. 15% have hired between one and two more people, 11% have hired between three and five new faces, with 3% hiring six to 10 and 6% hiring 11 or more new staff.
When it comes to bricks and mortar expansion, only 11% stated they had expanded their existing branch or office, while just 3% have moved to a larger office and 1% have opened an additional office.
Current market conditions have certainly played a part, with 35% stating that the pandemic property boom was the reason behind their expansion.
What’s more, 70% of agents stated that they have plans for further expansion of their business over the coming year.
Alice Bullard, Head of Commercial at Nested, commented: “It’s been a whirlwind 18 months or so for the UK property market and the nation’s estate agents have been working in overdrive just to keep up.
"So it’s hardly surprising to see that a good chunk of us have been on a recruitment drive in order to cope with such high levels of market activity, while some have also expanded their base of operations.
"That said, the majority have held steady and chosen to delay any expansion plans until this year. This caution is understandable given the wider economic uncertainty that the pandemic has posed but now there does seem to be light at the end of the tunnel.
"Many had also predicted the property market boom would come to an abrupt halt following the stamp duty holiday deadline, but it appears that this has yet to materialise and much of the UK is set to grow even stronger in 2022.”
