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Description

Description

“The estate agents market has suffered from strong headwinds amid Brexit uncertainty in 2019. The uncertainty has suppressed property transaction volumes and property prices, both of which have affected industry revenue. The removal of this pressure should restore market confidence and translate into the return of healthy growth for the market as consumer and commercial participation recovers.”
– Francesco Salau, B2B Analyst

This report looks at the following areas:

  • Growth of private rentals
  • Both residential and commercial estate agents sector stifled by Brexit

What's included

What's included

Table of contents

Table of contents

  1. Overview

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

          • The market
            • Brexit-induced slowdown continues
              • Figure 1: UK estate agents market value and forecast, 2014-24
              • Figure 2: UK three-month rolling average of residential home sales volume, all types of property, December 2015 – June 2019
            • Companies and brands
              • Uncertainty is limiting expansion of the market
                • Regional diversity is vital to escaping Brexit pressures
                  • The consumer
                    • Participation in the property market
                      • Figure 3: Method of property search, September 2019
                    • Attitudes towards estate agents
                      • Figure 4: Factors underlying choice of estate agents for residential property sale, September 2019
                    • Online versus high street estate agents
                      • Figure 5: Attitudes towards high street and online-only estate agents, September 2019
                    • Attitudes towards property types
                      • Figure 6: Property type preferences for next home, September 2019
                    • What we think
                    • Issues and Insights

                      • Growth of private rentals
                        • The facts
                          • The implications
                            • Both residential and commercial estate agents sector stifled by Brexit
                              • The facts
                                • The implications
                                • The Market – What You Need to Know

                                  • Brexit uncertainty has been the primary driver of poor performance
                                    • Residential and commercial segments both affected by lower activity
                                      • Foreign investment boosted by weak pound and lack of alternative investments
                                      • Market Size

                                        • Effects of Brexit uncertainty remain a major hindrance to the market
                                            • Figure 7: UK estate agents market value, 2015-19
                                        • Market Segmentation

                                          • Slow activity leaves residential and commercial segments in stasis
                                            • Figure 8: UK estate agents market segmentation, 2015-19
                                          • Lettings
                                              • Figure 9: Dwelling stock by tenure, Great Britain, 2008-17
                                          • Market Forecast

                                            • Market set to recover from stagnation as uncertainty is lifted
                                              • Figure 10: UK estate agents market value forecast, 2019-24
                                            • Residential sector
                                                • Figure 11: UK residential property transactions forecast, 2020-23
                                              • Commercial segment aided by Brexit but still faces structural pressures
                                              • Market Trends

                                                • Activity has been subdued by Brexit-related uncertainty
                                                  • Figure 12: Annual change in UK average house price, all property types, November 2015 – August 2019
                                                  • Figure 13: UK three-month rolling average of residential home sales volume, all types of property, December 2015 – June 2019
                                                • Affordability issues hint at volume-driven future for residential sector
                                                  • Slowdown in commercial segment tempered by increase in foreign investment
                                                    • Figure 14: UK annual non-residential property transactions, 2005/6 - 2018/19
                                                • Market Drivers

                                                  • The residential property market is being shaped by affordability concerns
                                                    • Figure 15: Percentages of families (singles or couples) owning their own home in the UK, by age group, May 2000-17
                                                    • Figure 16: Ratio of median house price to median gross annual (where available) residence-based earnings by country and region, England and Wales, 2002 to 2018
                                                  • Shifts in consumer habits demand shifts in investment
                                                      • Figure 17: UK business investment excluding exceptional transfers, chained volume measurement, seasonally adjusted Q1 2016 – Q2 2019
                                                  • Companies and Brands – What You Need to Know

                                                    • Market entry remains subdued by Brexit uncertainty
                                                      • Regional diversity and digital channels have helped weather Brexit
                                                      • Industry Structure

                                                          • Changes in industry structure
                                                            • Figure 18: Analysis of real estate agencies’ industry structure, number of outlets and businesses, 2015-19
                                                          • Structure by employment
                                                            • Figure 19: Analysis of real estate agencies’ employment structure, 2018-19
                                                          • Structure by turnover
                                                            • Figure 20: Analysis of the financial structure of real estate agencies, turnover bands and the number of businesses, 2018 and 2019
                                                        • Company Profiles

                                                          • Connells Ltd
                                                            • Recent company activity
                                                              • Financial information
                                                                • Figure 21: Financial analysis of Connells Group, 2014-18
                                                              • Countrywide Plc
                                                                • Recent company activity
                                                                  • Financial information
                                                                    • Figure 22: Financial analysis of Countrywide Plc, 2014-18
                                                                  • Foxtons Ltd
                                                                    • Recent company activity
                                                                      • Financial information
                                                                        • Figure 23: Financial analysis of Foxtons Ltd, 2014-18
                                                                      • Purplebricks Group Plc
                                                                        • Recent company activity
                                                                          • Financial information
                                                                            • Figure 24: Financial analysis of Purplebricks Group, 2015-19
                                                                          • Rightmove Plc
                                                                            • Recent company activity
                                                                              • Financial information
                                                                                • Figure 25: Financial analysis of Rightmove, 2014-18
                                                                              • Zoopla Ltd
                                                                                • Recent company activity
                                                                                  • Financial information
                                                                                    • Figure 26: Financial analysis of Zoopla Ltd, 2014-18
                                                                                • The Consumer – What You Need to Know

                                                                                  • Popularity of online property search opens the path to hybrid agencies
                                                                                    • Online-only estate agents should leverage their flexibility to increase market presence
                                                                                      • New builds are an attractive option for many despite their premium
                                                                                        • Brexit’s effect on the property market pulls in both directions
                                                                                        • Participation in the Property Market

                                                                                          • Vast majority of existing home owners staying put
                                                                                            • Figure 27: Involvement in the property market, September 2019
                                                                                          • Online is the most popular method of property search
                                                                                              • Figure 28: Method of property search, September 2019
                                                                                          • Attitudes towards Estate Agents

                                                                                            • Property sellers still prefer the high street
                                                                                              • Figure 29: Method of property sale, September 2019
                                                                                              • Figure 30: Factors underlying choice of estate agents for residential property sale, September 2019
                                                                                          • Online versus High Street Estate Agents

                                                                                            • Online-only agencies have paved the way for effective segmentation of agency services
                                                                                              • Figure 31: Attitudes towards high street and online-only estate agents, September 2019
                                                                                              • Figure 32: Attitudes towards online-only agents and agency fees, September 2019
                                                                                            • Clear advertising is fundamental to online agents’ future growth
                                                                                            • Likelihood of Future Activity

                                                                                              • Over half of respondents are unlikely to participate in the property market in the next 18 months
                                                                                                • Figure 33: Future property sale involvement, % of respondents, September 2019
                                                                                                • Figure 34: Future property sale involvement, % of respondents, September 2019
                                                                                              • Current homeowners are being pinched on both sides by Brexit
                                                                                                  • Figure 35: Effect of Brexit uncertainty on property market involvement, September 2019
                                                                                                • More than a third of consumers think any form of Brexit would be damaging for the housing market
                                                                                                  • Figure 36: Opinions on the effect of Brexit on the housing market, September 2019
                                                                                              • Attitudes towards Property Types

                                                                                                • Previously-owned homes present better value but new builds are still popular with respondents
                                                                                                  • Figure 37: Property type preferences for next home, September 2019
                                                                                                  • Figure 38: Opinion on the value of different property types, September 2019
                                                                                              • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                  • Abbreviations
                                                                                                    • Methodology
                                                                                                      • Consumer research methodology
                                                                                                      • Further Sources and Contacts

                                                                                                        • Trade associations
                                                                                                          • Trade magazines
                                                                                                            • Trade events

                                                                                                            This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

                                                                                                            • Market

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                                                                                                            • Consumer

                                                                                                              Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

                                                                                                            • Brand/Company

                                                                                                              Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

                                                                                                            • Data

                                                                                                              Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

                                                                                                            Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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