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Executive Summary

Table of Contents

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TABLE OF CONTENTS

Executive Summary

Market Definition

INTRODUCTION

MARKET SECTORS

MARKET TRENDS

Table 1: Estimated Number of Estate Agency Offices, 1988-1997

Table 2: Breakdown of the Types of Agreement Offered by Estate Agents, 1997

Table 3: Estimated Breakdown of Total Estate Agency Revenue ( percent), 1997

Table 4: Index of UK House Prices at Current Prices, 1989-1996

Table 5: Seasonality of Estate Agency Business in England and Wales (000 transactions), 1996

Market Size

THE TOTAL MARKET

THE NEW HOUSING MARKET

REGIONAL HOUSE PRICES

COMMERCIAL PROPERTY

Table 6: Property Market Transactions in England and Wales (million transactions), 1988-1997

Table 7: Estimated Total Estate Agency Revenue in England and Wales (£m), 1997

Table 8: House Builders Federation Monthly Survey - Factors Affecting Sales ( percent of builders who consider the factor to be a major constraint), March 1995,

1996 and 1997

Table 9: Average UK House Prices by Region (£), April to June 1997

Industry Background

RECENT HISTORY

INCREASING CONCENTRATION IN THE INDUSTRY

FRANCHISES

ESTATE AGENCY NETWORKS

TRADE ASSOCIATIONS

Competitor Analysis

THE MARKETPLACE

MARKET LEADERS

ADVERTISING AND PROMOTION

Table 10: The Leading 30 UK Estate Agencies (number of branches), December 1995 and 1996

Table 11: Main Media Advertising Expenditure by Estate Agents (£000), 12 Months to March 1997

Strengths, Weaknesses, Opportunities and Threats (SWOT)

STRENGTHS

WEAKNESSES

OPPORTUNITIES

THREATS

Buying Behaviour

HOUSEBUYING TRENDS

HOUSEBUYING INTENTIONS

Table 12: Housebuying Intentions Over the Next 5 Years by Sex and Age ( percent of adults), May 1997

Table 13: Housebuying Intentions Over the Next 5 Years by Social Class ( percent of adults), May 1997

Outside Suppliers to the Industry

SALE BOARDS

PHOTOGRAPHIC SERVICES

IT EQUIPMENT

PRINTING AND GRAPHICS

SOLICITORS

SURVEYORS

MORTGAGE FINANCE INSTITUTIONS

INSURANCE COMPANIES

Current Issues

MARKET CONDITIONS

THE JUNE 1997 BUDGET

INNER-CITY DEVELOPMENTS

LETTINGS

ACQUISITIONS

SOLE AGENTS AND THE LAW

OFFICE OF FAIR TRADING INTERVENTION

THE SCOTTISH SYSTEM

Forecasts

FORECASTS 1998 TO 2002

NEW PRACTICES, NEW LEGISLATION

Table 14: Forecast Property Market Transactions in England and Wales (million transactions), 1998-2002

Table 15: Forecast Estate Agents' Revenue in England and Wales (£bn), 1998-2002

Table 16: Forecast Number of Estate Agency Offices, 1998-2002

Company Profiles

INTRODUCTION

DEFINITIONS

FURTHER INFORMATION

Further Sources

ASSOCIATIONS

PERIODICALS

DIRECTORIES

GENERAL SOURCES

HBI UK INFORMATION SOURCES

GOVERNMENT PUBLICATIONS

OTHER SOURCES

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EXECUTIVE SUMMARY

This report looks at the UK's estate agency industry, focusing on High Street residential agencies. Consequently, it excludes specialised property services; such as auctioneers, valuers, estate managers, property companies and property consultants.

The industry has had a good year in 1997 -- indeed, its best since 1990. Key Note estimates that the number of property transactions in England and Wales in 1997 has been 11.3 percent higher than in 1996. On this basis, around 1.4 million residential properties will have been sold in England and Wales by the end of 1997.

In 1997, total estate agency revenue in England and Wales was £2.81bn, according to Key Note estimates. This represents an increase of 44.7 percent on the figure for 1994. As with most growing markets, estate agents have been recording strong turnover in every sector of the market, including lettings and auctions.

The market has improved for several reasons. Confidence in the economy has revived, interest rates are relatively low, and mortgage finance is more readily available. The only factor holding the market back is the insufficient supply of properties for sale.

The industry seems to be settling down after a turbulent period of restructuring in the early 1990s. Many of the big building societies and insurance companies that entered the market in the 1980s have now disposed of their acquisitions. Even so, the dominance of the big corporate financial service-based agencies remains in place; seven of the top ten estate agencies being owned by financial institutions. Key Note estimates that there are 12,350 estate agencies in 1997, which represents a decline of 17.7 percent since 1988. This industry is still oversupplied and there is a strong likelihood that there will be a gradual consolidation over the next 5 to 10 years. Total estate agency income for England and Wales is likely to rise minimally at current prices, but in real terms, it will fall over the next 3 years.

A complete Government review of housing market practices is underway. Two issues will be prominent in this review -- the incidence of `gazumping' and Scottish house selling practice. While some initiatives may be forthcoming to rule out gazumping, it seems improbable that England, Wales and Northern Ireland will adopt the Scottish mode of buying and selling residential property.

Text © 1997 Key Note

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