Estate agencies earned £3.9 billion in sales fees last year, up 37% on 2020
Eye-popping figures from Boomin show the extraordinary explosion in sales activity last year after the long months of Covid.
Estate agencies earned 37% more sales commission last year taking total sales revenue to £3.9 billion based on an average commission rate of 1.5%, the latest analysis reveals.
The data from Boomin reveals that £260.5 billion of property was purchased last year as the housing market emerged from pandemic lockdowns into a boom that saw a 25% hike in the number of properties transacted.
Agencies sharing the largest cut of the post-pandemic fees rise were those in the South East, where £56.3 billion of property was sold, earning the firms a collective £844.5 million.
They were followed by estate agencies in London where some £49.5 billion of property was sold, earning commissions worth £742.5 million.
Other areas where champagne corks were also popping last year include the East of England, the South West and North West.
In terms of the largest uplift in market activity, Northern Ireland ranks top, where there were 41% more homes sold in 2021 when compared to the previous year.
Estate agencies
“There’s been an incredible number of homes sold during the pandemic, over a million in 2021 alone, which is a considerable increase on the previous year,” says Michael Bruce, CEO and Founder of Boomin (pictured).
“Not only has the market exploded, but the total value of these transactions runs into the billions, driven by consistently increasing property values that are yet to show any signs of slowing.
“However, with interest rates rising along with the cost of living, the market is predicted to cool over the coming year.”
Read the full data tables behind these figures here.
