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.”
Latest News
-
Tories pledge to scrap stamp duty on primary residencies
-
IMLA warns Chancellor not to hike taxes in housing market in Budget
-
Lloyds announces full acquisition of SPW
-
Three in five cash ISA savers would consider stocks and shares alternative
-
Quilter partners with eight new AR firms
-
FTB mortgage applications rise 9.3% in Q3
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories