The Voice of the Agent Survey 2024, which provides an in-depth look into the current state and prospects of the UK real estate market, has been released.

Drawing on responses from a broad spectrum of 841 professionals (up from 553 in 2023), 2,000 consumers nationwide, and a wide range of authoritative research and data sources, the survey uncovers several key trends and insights across crucial aspects of the real estate sector.

The study, carried out by We Are Unchained Ltd, looks at market confidence and outlook, sales and letting agents’ trends, concerns and competitive landscapes, marketing insights, the voice of the customer, proptech and AI utilisation, mental health challenges, discrimination experiences, and demographic profiles.

Unchained partnered with TwentyEA, ProperPR, PVS Media, Kerfuffle, Lemon & Lime Interiors, DCTR, and Simon Gates for advice and to maximise the reach in the survey period and for the report once it is released. Rightmove also provided some essential research advice.

Disappointingly, gender-based discrimination remains a major issue in the estate agency sector, with many females missing out on top jobs.

Of those that have experienced discrimination at work, 85% are women.

Gender-based discrimination was the most common form reported, especially among female agents (44%) compared to their male counterparts (5%).

When it comes to dealing with clients, female agents are far more likely to report experiencing gender (71%) and age-based discrimination (29%). But of those working in the sector opt against taking action.

The report said: “These responses highlight a potential need for much better support systems and mechanisms within the industry to empower agents, particularly females, to address and report discrimination effectively.”

It added: “While the real estate sector is gender-balanced and starts with a higher percentage of women at lower levels, this diminishes sharply at board level.”

The survey also revealed that market activity is picking up as far as agents are concerned, with 42% seeing increased vendor interactions compared with 37% in last year’s survey.

Some 81% of agents anticipate growth in vendor numbers this year.

Agent fees average 1.3%, according to the report.

Highlights from the survey include:

+ Market Confidence: Market confidence has experienced significant fluctuations from 2017 to 2024. The outlook for 2024, however, remains optimistic, with agents expressing confidence in the market’s resilience and potential for growth.

+ Sales and Estate Agents Trends: Insights reveal a dynamic market with varying vendor interactions and perceptions of property value, a positive outlook for market expansion and relatively stable property values despite economic uncertainties.

+ Lettings and Letting Agents Trends: The letting sector is anticipated to grow, with optimistic forecasts for 2024 despite challenges, highlighting rental value increases and the adaptive nature of fee structures.

+ Concerns and the Competitive Landscape: Agents face concerns over economic uncertainty and regulatory compliance in a highly competitive environment, suggesting a shift towards personalised and traditional services over digital-only models.

+ Marketing Insights: Significant investments in marketing, especially on digital platforms, are noted as crucial for reaching homeowners and landlords while driving growth, with a focus on overcoming content creation challenges.

+ PropTech and AI Adoption: The survey indicates a substantial reliance on technology for operational efficiency, with a keen interest in further advancements in AI to streamline processes. + Mental Health and Discrimination: Highlighting the prevalence of mental health issues for all agents and discrimination, especially amongst women, the findings call for more supportive measures and inclusive practices within the industry.

+ Demographics and Professional Engagement: Offering a snapshot of the industry’s demographic makeup, the survey notes a predominance of male, middle-aged professionals and a significant engagement with professional memberships and networks.

Key Statistics:

+ Optimism: Most estate agents and letting agents forecast an increase in vendor and landlord numbers.

+ House/Rent Prices: Overall, a slight majority of estate agents think house prices will decrease slightly in the next 12 months, whereas most letting agents have more confidence in rising rental values.

+ Marketing investment: On average, 10.4% of budgets are allocated to marketing, excluding portals, with a split of 62% to portals and 38% to other marketing efforts – meaning 17% of revenue is spent on portals.

The co-founder of Unchained, Simon Leadbetter, said: “I launched The Voice of the Agent in 2023 out of curiosity. We all know what the loudest voices said in our industry, but I wanted to know what the majority thought – the wisdom of the crowd. Rather than keep the findings to ourselves, we decided to share the results with everyone so that all of us can have a more informed discussion about the state of our industry.”

A filmed debate of the report will be released next week. One of the panellists, Simon Whale of Kerfuffle, commented: “After reading the report in full, I can say it’s without doubt one of the best research studies this industry has ever produced and is a must-read for any agent or supplier.”