"It’s great news that agent numbers are rising to meet the surging demand from sellers. And for those sellers, it means more choice, while agents also have to up their game in the face of stiffer competition"
- Colby Short - GetAgent
According to figures from Rightmove, there has been a huge 46% increase in the number of sellers entering the UK market, apparently hoping to beat the Christmas market slowdown and get ahead of a 2024 housing market bounce back.
On the back of this, estate agent comparison site, GetAgent.co.uk, has analysed the number of estate agents in the market and how this number has changed in the past year, discovering that, as seller numbers have increased, so too has the number of agents ready and willing to serve them.
The research shows that the overall number of businesses operating across all business sectors in the UK has fallen by 1.5% in the past year and currently sits just north of 2.7 million.
But estate agents are bucking this overall trend by actually increasing in number at a time when one might assume cooling market conditions would dictate otherwise.
But the housing market crash that many experts predicted would happen as a result of wider economic turmoil simply hasn’t come to fruition, and with market confidence beginning to grow, the number of estate agents has increased by 1.9% on the year.
This means there are currently 24,965 operational agents compared to 24,500 in 2022.
This increase is excellent news for anyone who is thinking of entering the housing market next year and hints at real optimism that the market will bounce back in 2024.
The largest regional increase of estate agencies has been recorded in the East of England where a 3.5% boost puts the total number at 2,515.
A 2.7% increase in the North East means there are now 580 local agencies, and in London, there are now 7,325 operators after recording an annual rise of 2.4%.
All of this means that the highest proportion of estate agencies are now found in London with the capital accounting for 29.3% of UK operators.
The South East is home to 15.3% of UK agencies; the East of England accounts for 10.1%, and the North West region is home to 8.8%.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “It’s great news that agent numbers are rising to meet the surging demand from sellers. And for those sellers, it means more choice, while agents also have to up their game in the face of stiffer competition.
"However, more choice can prove problematic for sellers when it comes to deciding which agent to opt for.
"To this end, word-of-mouth recommendations from recent sellers can help narrow the list. However, one positive review doesn’t necessarily guarantee you will find the same success.
"It’s hard to argue against the facts and so sellers should always do their research based on irrefutable historic performance data for a number of local agents, including asking price achieved, time to sell and customer satisfaction levels.
"This will give you a comprehensive view of who the front runners are in your respective local market and help you make an educated decision when it comes to selling your home.”
