The Conservatives say they want to ‘level up’ the UK but there’s a long way to go when it comes to the fees that estate agencies earn from property sales, new research reveals.
London continues to dominate the UK both in terms of cash earned from property sales with an average of £8,501 but also by percentage, at 1.85%.
By region, this is followed by the South East at £5,012 or 1.55%, the East of England at £4,398 or 1.51% and the South West at £4,161 or 1.58%.
The research by recruitment firm Rayner Personnel also highlights the huge differences in average fee percentage ranging from 1.2% in Glasgow to 1.8% in the capital.
Its data also shows that estate agencies earn £274.4 million in fees every month, but that England dominates the figures – agencies in Wales in Scotland earn just £26 million of this total.
“London is always going to drive the market in terms of volume and estate agent earning potential due to the generally higher fees,” says Josh Rayner, CEO of Rayner Personnel (left).
“But it’s important to remember that while these potential earnings differ by region and city, so too does the number of agents battling it out for this business.
“The threat of the online and hybrid model hasn’t escalated to the levels previously expected, but they still pose a threat in terms of acquiring transactions across the UK which will also reduce available income.
“While we appreciate that not every agent charges the average fee for their services, we wanted to highlight that the UK property market is alive and well despite wider uncertainties and estate agents can still make a very good living.”
Full cities list
|Top 10 Major Cities||Average House Price||Average fee (%)||Average fee (£)||Average Monthly Sales (Last 12 Months)||Potential Earnings on Offer|