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Estate Agents - UK - December 2017

“Given its sensitivity to economic processes, the estate agents market has been at the forefront of Brexit uncertainties over the past year. The market was able to maintain growth as it continued its trajectory of year-on-year increases, but market conditions and evolving consumer behaviour have forced structural changes, elevating online portals and driving more consumers into the rental sector as home ownership is limited by decreasing affordability.”
– Marco Amasanti, B2B analyst

This Report addresses the following key questions in the estate agents industry:

  • How has the market performed over the past year given the air of uncertainty triggered by the EU referendum?
  • What have been the drivers of growth over this period?
  • How has the structure of the estate agents market changed in recent years?
  • What impact has the growth of online and the decline of traditional bricks-and-mortar had on the UK estate agents industry?
  • What does the future of the estate agents market look like?

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Table of contents

  1. Executive Summary

      • The market
        • Figure 1: UK Estate Agents Market Value, £ million and % change, 2013-2017
      • Market segmentation
        • Commercial Estate Agents
          • Figure 2: Commercial Estate Agents Market Value, £ million and % change, 2013-2017
        • Residential Estate Agents
          • Figure 3: Residential Estate Agents Market Value, £ million and % change, 2013-2017
        • Lettings
          • Figure 4: Proportion of Rented Property, Commercial and Residential, % of total, 2006 & 2016
        • Market factors
          • Continued housing under-supply limiting stock
            • Surging popularity of online property portals
              • Broadened regional scope
                • Market trends
                  • UK house prices
                    • Figure 5: UK House Price Index, August 2008-2017
                  • Residential property transactions
                    • Figure 6: UK property transactions with value of £40,000 or above, quarterly, Q1 2012 – Q2 2017
                  • The consumer
                    • Consumer activity in the property market
                      • Figure 7: Purchasing Activity, % of respondents, September 2017
                    • Influences in the real estate market
                      • Figure 8: Factors underlying consumer choice, % of respondents, September 2017
                    • Methods used during house search
                      • Figure 9: Means of searching for real estate, % of respondents, September 2017
                    • Likelihood of future activity
                      • Figure 10: Future market involvement, % of respondents, September 2017
                    • Motivating factors
                      • Figure 11: Reasons against involvement, % of respondents, September 2017
                    • Market Forecasts
                      • Figure 12: UK Estate Agents Market Forecast, £ million and % change, 2018-2022
                    • What we think
                    • Key Issues

                        • One year on, how has Brexit manifested in the estate agents market?
                          • Ban on letting agents fees
                          • Introduction

                            • Issues in the market
                              • Definitions
                                • Methodology
                                  • Abbreviations
                                    • Market positioning
                                    • Overview

                                        • Figure 13: Forecast GDP development 2017-21 (% growth)
                                        • Figure 14: UK GDP quarterly development, 2004-17 (Index 2012 = 100)
                                      • Inflation
                                        • House prices
                                          • Figure 15: UK House price changes, 2006-2017 (12 month % change)
                                        • Interest rates
                                          • Consumer spending
                                            • Manufacturing
                                              • Figure 16: UK manufacturing, 2014-17 (Index, 2015 = 100)
                                            • Business investment
                                              • Figure 17: UK GFCF 2003-17 (£ million)
                                            • Imports
                                              • Exports
                                              • Market Size

                                                • Key points
                                                  • The market maintains growth, though margins narrow significantly
                                                    • Figure 18: UK Estate Agents Market Value, £ million and % change, 2013-2017
                                                • Market Segmentation

                                                  • Key points
                                                    • The commercial sector is constrained by mounting hesitancy
                                                      • Figure 19: Commercial Estate Agents Market Value, £ million and % change, 2013-2017
                                                    • The residential sector maintained growth, though high-end activity slowed in line with hesitancy
                                                      • Figure 20: Residential Estate Agents Market Value, £ million and % change, 2013-2017
                                                    • Lettings continue to grow
                                                      • Figure 21: Proportion of rented property, commercial and residential, % of total, 2006 & 2016
                                                    • Decreasing home ownership
                                                      • Figure 22: Home ownership in the UK, owner-occupied as a % of all dwellings, 2007-2016
                                                  • Market Factors

                                                    • Key points
                                                      • Continued housing under-supply limiting stock
                                                        • Surging popularity of online property portals
                                                          • Broadened Regional Scope
                                                          • Market Trends

                                                            • Key points
                                                              • Developments in the residential sector
                                                                • UK house prices
                                                                  • Figure 23: UK House Price Index, August 2008-2017
                                                                  • Figure 24: UK first-time buyer house to earnings ratio, Q1 2012 - Q3 2017
                                                                • Residential property transactions in the UK
                                                                  • Figure 25: UK property transactions with value of £40,000 or above, quarterly, Q1 2012 – Q2 2017
                                                              • Industry Structure

                                                                • Key points
                                                                  • Industry Development
                                                                    • Industry by Structure
                                                                      • Figure 26: Analysis of changes in real estate agencies, outlets & businesses, % change, 2013-2017
                                                                      • Figure 27: Analysis of changes in management of real estate on a fee or contract basis, outlets & businesses, % change, 2013-2017
                                                                    • Industry by Turnover
                                                                      • Figure 28: Financial analysis of real estate agencies, £'000 and % of total, 2016 & 2017
                                                                      • Figure 29: Financial analysis of management of real estate on a fee or contract basis, £'000 and % of total, 2016 & 2017
                                                                    • Industry by Employment
                                                                      • Figure 30: Analysis of the employment structure of real estate agencies, % of total, 2016 & 2017
                                                                      • Figure 31: Analysis of the employment structure of management of real estate on a fee or contract basis, % of total, 2016 & 2017
                                                                  • Company Profiles

                                                                    • Connells Ltd

                                                                        • Recent company activity
                                                                          • Figure 32: Financial analysis of Connells Ltd, £ million, 2012-2016
                                                                        • Company strategy
                                                                        • Countrywide Plc

                                                                            • Recent company activity
                                                                              • Figure 33: Financial analysis of Countrywide Plc, £ million, 2012-2016
                                                                            • Company strategy
                                                                            • Foxtons Ltd

                                                                                • Recent company activity
                                                                                  • Figure 34: Financial analysis of Foxtons Ltd, £ million, 2012-2016
                                                                                • Company strategy
                                                                                • Jones Lang LaSalle Ltd

                                                                                    • Recent company activity
                                                                                      • Figure 35: Financial analysis of Jones Lang LaSalle, £ million, 2012-2016
                                                                                    • Company strategy
                                                                                    • LSL Property Services Plc

                                                                                        • Recent company activity
                                                                                          • Figure 36: Financial analysis of LSL Property Services, £ million, 2012-2016
                                                                                        • Company strategy
                                                                                        • Purplebricks Group Plc

                                                                                            • Figure 37: Financial analysis of Purplebricks Group Plc, £ million, 2013-2017
                                                                                          • Company strategy
                                                                                          • Rightmove Plc

                                                                                              • Figure 38: Financial analysis of Rightmove Plc, £ million, 2012-2016
                                                                                            • Company strategy
                                                                                            • Spicerhaart Group Ltd

                                                                                                • Recent company activity
                                                                                                  • Figure 39: Financial analysis of Spicerhaart Group Ltd, £ million, 2012-2016
                                                                                                • Company strategy
                                                                                                • Strutt & Parker

                                                                                                    • Recent company activity
                                                                                                      • Figure 40: Financial analysis of Strutt & Parker, £ million, 2012-2016
                                                                                                    • Company strategy
                                                                                                    • Your Move

                                                                                                        • Figure 41: Financial analysis of Your Move, £ million, 2012-2016
                                                                                                      • Company strategy
                                                                                                      • Zoopla Plc

                                                                                                          • Recent company activity
                                                                                                            • Figure 42: Financial analysis of Zoopla Plc, £ million, 2013-2016
                                                                                                          • Company strategy
                                                                                                          • The Consumer

                                                                                                            • Key points
                                                                                                              • Consumer activity in the property market
                                                                                                                • Purchasing activity
                                                                                                                    • Figure 43: Purchasing Activity, % of respondents, September 2017
                                                                                                                  • Influences in the real estate marketplace
                                                                                                                      • Figure 44: Factors underlying consumer choice, % of respondents, September 2017
                                                                                                                    • Methods in house search
                                                                                                                        • Figure 45: Means of searching for real estate, % of respondents, September 2017
                                                                                                                      • Likelihood of future activity
                                                                                                                          • Figure 46: Future market involvement, % of respondents, September 2017
                                                                                                                        • Motivating factors
                                                                                                                            • Figure 47: Reasons against involvement, % of respondents, September 2017
                                                                                                                        • Market Forecast

                                                                                                                          • Key points
                                                                                                                              • Figure 48: UK Estate Agents Market Forecast, £ million and % change, 2018-2022
                                                                                                                            • Market Segmentation
                                                                                                                              • Residential
                                                                                                                                • Figure 49: UK Residential Forecasts, % change, 2017-2021
                                                                                                                              • Commercial
                                                                                                                                • Figure 50: UK Commercial Forecasts, % change, 2017-2021
                                                                                                                            • Further Sources and Contacts

                                                                                                                              • Trade Associations
                                                                                                                                • Trade Magazines
                                                                                                                                  • Trade exhibitions

                                                                                                                                  Estate Agents - UK - December 2017

                                                                                                                                  US $1,984.91 (Excl.Tax)