There has been a positive upswing in confidence among estate agents, according to a new survey.

The study, carried out at Property Academy bimonthly meetings, measured current business performance against plans and outlook for the remainder of the year. The findings demonstrate a notable improvement among its members in most areas, except for one key segment.

The survey encompassed 150 members, including estate agencies with 1-20 branches spread across the UK, from Fife to Bournemouth and Swansea to Norfolk. Additionally, it involved 20 leading suppliers to the industry, such as Moneypenny, Spectre, Twenty EA, Starberry, and ASAP.

The results for May indicate a significant surge in business results for the year to date, with an average score of 7.8 compared to the previous 6.7 in March. The average outlook score for the remaining year also witnessed a rise from 7.1 to 7.9.

However, the Lettings and Property Management Leadership Group displayed a less optimistic sentiment. Their average business results score for May stood at 6.8, aligned with the same outlook score.

Danielle Nash, operations director of Property Academy, commented: “It is encouraging to witness the growing current and outlook scores for the majority of our members.

“These scores demonstrate consistency across various geographic regions, as well as other metrics such as agency size and property price range. Nevertheless, it’s evident that the lettings and property management sector continues to face challenges, with little optimism for immediate improvement.”

Nash continued: “During our meetings, each member contributes a challenge or opportunity they are facing. Although there is a wide range of issues, three central themes consistently emerge.

“Firstly, cash flow remains a concern, mainly attributed to the residual effects of the Truss/Kwarteng mini-budget, although pipelines are showing signs of improvement.

“Secondly, there is a severe shortage of available rental properties, with some members experiencing an all-time low. For instance, one member with seven offices previously had an average of 180 available properties per month, but this year has seen no more than 30 in any given month. Lastly, agents offering exceptional services are witnessing an increase in average fees, as sellers and landlords appreciate the difference between top-tier agents and average firms. Many of our members are now achieving fees of 1.5% or more on sales, while reported fee increases of 0.97% on lettings were also observed.”

The next Property Academy Outlook Survey is scheduled for publication in September, providing further insights into the industry’s trajectory and member perspectives.