UK estate agents have generated an estimated £2.7bn in agency fees since the introduction of the stamp duty holiday last year, new research has revealed.
Findings from property platform, WiggyWam, showed that an estimated 772,830 transactions have completed between July 2020 and May 2021, at an average price of £245,079.
With an average UK agency fee of 1.42% per transaction – a cut equivalent to £3,480 – the total generated in fees has now reached just below £2.7bn in the 10 months since the introduction of the stamp duty cut.
There are an estimated 22,270 agency branches in the UK, with the figure also making for an average of £120,770 per branch in fees since July 2020.
“It’s great to see agents enjoying such prosperity following what was a very uncertain time a year ago,” commented WiggyWam CEO, Silas J. Lees.
“Agents need to make plans to differentiate their services from their competition, whilst looking to increase their fees during a slower market. Less sales require more profit to be made from each transaction, and it's here where working with WiggyWam can add significant value to each agents’ service offering.”
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