This report examines UK estate agents and their principal market: the sale, leasing and renting of residential property. Key Note's definition of estate agents excludes estate managers, surveyors
April 14, 2007 (Press Release) --
Estate Agents Market Report
This report examines UK estate agents and their principal market: the sale, leasing and renting of residential property. Key Note's definition of estate agents excludes estate managers, surveyors, valuers, auctioneers, property companies, property consultants and other professionals or organisations that provide specialist property services.
Key Note estimates that there were 1.4 million property transactions in the UK in 2004 — a 10% decline on the figure for 2003. Total estate agency revenue is estimated at £5.27bn in 2004, compared with £5.46bn in 2003. Most of this revenue came from property sales, but estate agents also earned income from mortgage and insurance sales, lettings and property management, and valuations and surveys.
There are several important issues in this sector in 2005. Firstly, the market is growing weaker. Property is selling more slowly, vendors are delaying putting their homes on the market and the average margin between a property's asking price and the price that buyers are actually willing to pay is widening. The first 3 months of 2005 were awful for most estate agents, with sales volumes sharply down on the same period in 2004. Secondly, buy-to-let purchasers have become much more cautious and some are even leaving the sector. Thirdly, in the midst of this weakening market, franchised estate agencies appear to be strengthening their position. Franchising has become much more popular as a way of developing in this sector.
Finally, there is the controversy over the Home Information Pack (HIP), which the Government plans to make compulsory for all sellers in England and Wales. The National Association of Estate Agents (NAEA) is deeply unhappy with the HIP, which is to be launched as a pilot scheme in 2006 and made mandatory in 2007. It fears that the scheme's cost and time implications will have a damaging effect on the market and could even force some estate agents out of business.
For more information, Please visit : http://www.bharatbook.com/detail.asp?id=10006
or email us at : info@bharatbook.com
You can also call us at +91-(022)-2757 8668 or +91-(022)-2757 9131
For searching our huge collection of reports, Please visit :
http://www.bharatbook.com/general/customresearch.asp
This report examines UK estate agents and their principal market: the sale, leasing and renting of residential property. Key Note's definition of estate agents excludes estate managers, surveyors, valuers, auctioneers, property companies, property consultants and other professionals or organisations that provide specialist property services.
Key Note estimates that there were 1.4 million property transactions in the UK in 2004 — a 10% decline on the figure for 2003. Total estate agency revenue is estimated at £5.27bn in 2004, compared with £5.46bn in 2003. Most of this revenue came from property sales, but estate agents also earned income from mortgage and insurance sales, lettings and property management, and valuations and surveys.
There are several important issues in this sector in 2005. Firstly, the market is growing weaker. Property is selling more slowly, vendors are delaying putting their homes on the market and the average margin between a property's asking price and the price that buyers are actually willing to pay is widening. The first 3 months of 2005 were awful for most estate agents, with sales volumes sharply down on the same period in 2004. Secondly, buy-to-let purchasers have become much more cautious and some are even leaving the sector. Thirdly, in the midst of this weakening market, franchised estate agencies appear to be strengthening their position. Franchising has become much more popular as a way of developing in this sector.
Finally, there is the controversy over the Home Information Pack (HIP), which the Government plans to make compulsory for all sellers in England and Wales. The National Association of Estate Agents (NAEA) is deeply unhappy with the HIP, which is to be launched as a pilot scheme in 2006 and made mandatory in 2007. It fears that the scheme's cost and time implications will have a damaging effect on the market and could even force some estate agents out of business.
For more information, Please visit : http://www.bharatbook.com/detail.asp?id=10006
or email us at : info@bharatbook.com
You can also call us at +91-(022)-2757 8668 or +91-(022)-2757 9131
For searching our huge collection of reports, Please visit :
http://www.bharatbook.com/general/customresearch.asp
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