GetAgent analysed the number of real estate agencies across the UK and how the sector has grown over the last five years.
The research found there has been a 10.6% increase in estate agency numbers across the UK in the past year alone, bringing the overall number to 24,500 – up from 22,145 in 2021.
This marks significant annual growth given that, in the last five years, the number of agencies has increased by 20.6% – meaning half of this growth has come in the past year alone.
To put the annual rate of growth into perspective, between 2017 and 2021, there was an average annual increase of 456 agencies per year; however, between 2021 and 2022, the number of agencies across the UK climbed 2,355.
London remains the location of by far the highest number of estate agencies. There are currently 7,155 agencies located across the capital, accounting for 29% of the UK total, having increased by 11% in the last year.
However, with the London market seeing a more subdued level of pandemic market activity, the region sits mid-table when it comes to the annual growth in agency numbers.
In the North East region, the number of agencies has increased by 14.1% on an annual basis.
Meanwhile, in the North West, estate agency numbers rose by 13.5% in the last year, and Yorkshire & Humber saw an increase of 13.4%.
Mal McCallion, COO of GetAgent, commented: “It’s no coincidence that the number of estate agency branches has increased so notably since 2019, after which the pandemic market boom spurred an overwhelming level of activity.
“The nation’s agents have most certainly decided to make hay while the sun is shining in this respect, but with the market now starting to return to normality, the challenge facing them is how they remain competitive, and profitable.”