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Estate Agents - UK - November 2018

“The market continued to record growth in 2018 amid challenging conditions, namely uncertainty related to Brexit, ongoing undersupply and flat residential sales. Looking forward, the market is set to face continued uncertainty as the UK looks to formalise its exit from the EU. Future prosperity remains subject to the manner in which negotiations proceed, and the impact of this on the business landscape and household finances.”
– Marco Amasanti, B2B Analyst

This Report looks at the following areas:

  • Undersupply of housing
  • Brexit uncertainties

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Table of contents

  1. Overview

    • What you need to know
      • Covered in this Report
      • Executive Summary

          • The market
            • Value of estate agents market continues to rise despite Brexit headwinds
              • Figure 1: Forecast of UK estate agents market value, £ million, 2014-23
            • Residential and commercial sectors maintain momentum in 2018
              • Companies and brands
                • Online surge increases pressure on high street
                  • Slowed activity in London and the South East
                    • The consumer
                      • Online vs the high street
                        • Figure 2: Means of searching for property, September 2018
                      • Cash may no longer be king
                        • Figure 3: Factors underlying choice of estate agent in residential property sale, % of respondents, September 2018
                      • High street agents continue to be consumers’ preferred choice
                        • Figure 4: Means of future sale, September 2018
                      • Personal service vs financial considerations
                        • Figure 5: Attitudes toward estate agents, September 2018
                      • What we think
                      • Issues and Insights

                        • Undersupply of housing
                          • The facts
                            • The implications
                              • Brexit uncertainties
                                • The facts
                                  • The implications
                                  • The Market – What You Need to Know

                                    • Market continues to grow despite uncertainty
                                      • Residential and commercial sectors maintain momentum in 2018
                                        • Lettings sector growth remains at forefront of the market
                                          • Market forecast to sustain growth despite ongoing Brexit headwinds
                                          • Market Size

                                            • Value of estate agents market grows further amid difficult conditions
                                                • Figure 6: UK estate agents market value, £ million, 2014-18
                                            • Market Segmentation

                                              • Residential and commercial sectors maintain momentum in 2018
                                                • Commercial estate agents further surpass expectation
                                                  • Figure 7: Residential and commercial estate agents market value, £ million, 2014-18
                                                • Lettings
                                                  • Figure 8: Proportion of rented property, commercial and residential, % of total, 2007 and 2017
                                                  • Figure 9: Dwelling stock, by tenure, Great Britain, 2007-16
                                              • Market Forecast

                                                • Market forecast to sustain growth despite ongoing Brexit headwinds
                                                    • Figure 10: UK estate agents market forecast, £ million, 2019-23
                                                  • A new multi-tiered marketplace
                                                    • Residential forecasts
                                                        • Figure 11: UK forecast residential transactions, million, 2018-22
                                                      • Commercial sector set to maintain stubborn growth
                                                        • Figure 12: Market forecast for commercial property capital value, 2018-22
                                                    • The Impact of the Economy

                                                      • Interest rate rise
                                                        • Wage growth
                                                          • Steadying inflation
                                                            • Availability of credit in the commercial sphere
                                                            • Market Trends

                                                              • UK house pricing increases again
                                                                • Figure 13: Average UK house price, £, August 2008-August 2018
                                                              • Residential property market remains flat
                                                                • Figure 14: UK residential property transactions, Q1 2013-Q3 2018
                                                              • Retail continues to struggle
                                                                  • Figure 15: Owner occupied and invested commercial property value, % of total, 2013-17
                                                                • Commercial property transactions continue to fluctuate
                                                                  • Figure 16: UK non-residential property transactions, Q1 2013-Q3 2018
                                                                • House building grows further, but remains disparate to demand
                                                                  • Figure 17: UK housing construction output, £ million, Q1 2013-Q3 2018
                                                              • Market Drivers

                                                                • Regional breakdown in residential sector
                                                                    • Figure 18: Residential property sales by region, England and Wales, year ending March 2009-18
                                                                  • The UK business landscape and appetite for commercial property
                                                                      • Figure 19: UK business investment, £ million, Q1 2015-Q2 2018
                                                                  • Companies and Brands – What You Need to Know

                                                                    • Online surge increasingly pressures high street
                                                                      • Contrast of Countrywide and online operators, such as Purplebricks
                                                                      • Industry Structure

                                                                          • Changes in the structure of the industry
                                                                            • Figure 20: Analysis of the changes in the activities of real estate agencies, number of outlets and businesses, 2014-18
                                                                            • Figure 21: Analysis of the changes in the management of real estate on a fee or contract basis, number of outlets and businesses, 2014-18
                                                                          • Structure by employment
                                                                            • Figure 22: Analysis of the employment structure of activities of real estate agencies, number of employees and outlets, 2017 and 2018
                                                                            • Figure 23: Analysis of the employment structure of the management of real estate on a fee or contract basis, number of employees and outlets, 2017 and 2018
                                                                          • Structure by turnover
                                                                            • Figure 24: Analysis of the financial structure of activities of real estate agencies, £'000 and number of businesses, 2017 and 2018
                                                                            • Figure 25: Analysis of the financial structure of the management of real estate on a fee or contract basis, £'000 and number of businesses, 2017 & 2018
                                                                        • Competitive Strategies

                                                                          • Slowed activity in London and the South East
                                                                            • Countrywide Plc decline
                                                                              • Consolidation of online operators
                                                                              • Company Profiles

                                                                                • Connells Ltd
                                                                                  • Recent company activity
                                                                                    • Financial information
                                                                                      • Figure 26: Financial analysis of Connells Ltd, £ million, 2013-17
                                                                                    • Countrywide Plc
                                                                                      • Recent company activity
                                                                                        • Financial information
                                                                                          • Figure 27: Financial analysis of Countrywide Plc, £ million, 2013-17
                                                                                        • Foxtons Ltd
                                                                                          • Recent company activity
                                                                                            • Financial information
                                                                                              • Figure 28: Financial analysis of Foxtons Ltd, £ million, 2013-17
                                                                                            • Purplebricks Group Plc
                                                                                              • Recent company activity
                                                                                                • Financial information
                                                                                                  • Figure 29: Financial analysis of Purplebricks Group Plc, £ million, 2014-18
                                                                                                • Rightmove Plc
                                                                                                  • Recent company activity
                                                                                                    • Financial information
                                                                                                      • Figure 30: Financial analysis of Rightmove Plc, £ million, 2013-17
                                                                                                    • Zoopla
                                                                                                      • Recent company activity
                                                                                                        • Financial information
                                                                                                          • Figure 31: Financial analysis of Zoopla Property Group, £ million, 2013-17
                                                                                                      • The Consumer – What You Need to Know

                                                                                                        • Online vs the high street
                                                                                                          • The high street needs to adapt to changing landscape
                                                                                                            • High street agents continue to be consumers’ preferred choice
                                                                                                              • Personal service vs financial considerations
                                                                                                              • Purchasing and Sales Activity

                                                                                                                • Majority remain uninvolved in property market
                                                                                                                  • Figure 32: Involvement in property market, September 2018
                                                                                                              • Impacting Choice of Estate Agent

                                                                                                                • Local knowledge justifies a premium
                                                                                                                    • Figure 33: Factors underlying choice of estate agent in residential property sale, % of respondents, September 2018
                                                                                                                • Searching for Properties

                                                                                                                  • Online tightens grip on property purchase search
                                                                                                                      • Figure 34: Means of searching for property, September 2018
                                                                                                                  • Likelihood of Future Activity

                                                                                                                    • Majority unlikely to enter property market in the next 18 months
                                                                                                                      • Figure 35: Future sales involvement, September 2018
                                                                                                                      • Figure 36: Future buying involvement, September 2018
                                                                                                                  • Means of Future Property Sale

                                                                                                                    • High street estate agents remain most popular means of sale
                                                                                                                      • Figure 37: Means of future sale, September 2018
                                                                                                                  • Attitudes towards Estate Agents

                                                                                                                      • Personal service
                                                                                                                        • Financial consideration
                                                                                                                          • Figure 38: Attitudes toward estate agents, September 2018
                                                                                                                      • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                          • Abbreviations
                                                                                                                            • Methodology
                                                                                                                            • Further Sources and Contacts

                                                                                                                              • Trade associations
                                                                                                                                • Association of International Property Professionals Ltd
                                                                                                                                  • Association of Residential Letting Agents
                                                                                                                                    • National Association of Estate Agents
                                                                                                                                      • National Federation of Property Professionals
                                                                                                                                        • Property Industry Alliance
                                                                                                                                          • UK Association of Letting Agents
                                                                                                                                            • Trade magazines
                                                                                                                                              • Estate Agent Today
                                                                                                                                                • Property Industry Eye
                                                                                                                                                  • Property Professional Magazine
                                                                                                                                                    • Trade events
                                                                                                                                                      • MIPIM UK – The UK Property Marketplace
                                                                                                                                                        • NAEA Propertymark National Conference

                                                                                                                                                        Estate Agents - UK - November 2018

                                                                                                                                                        US $1,912.55 (Excl.Tax)