More than eight out of 10 (83%) estate agents are proud of their profession although over half (61%) could be tempted to work in another country, latest research from GetAgent.co.uk finds.
Estate agents have suffered a bad rep in recent years, from being labelled as some of the least trustworthy to calls for regulatory introductions to raise the standards of the industry.
However, GetAgent.co.uk’s survey of 1,728 estate agents found that seven out of 10 (69%) believe the nation has the wrong impression of estate agents and 83% of those surveyed stated that they were proud to be an estate agent.
The strong earnings potential ranked as the number one reason for this professional pride but beyond the financial stability the job can provide, the ability to help homebuyers and sellers also ranked amongst the biggest reasons.
Helping people realise their dreams of homeownership ranked second, closely followed by the ability to help people sell the most expensive asset they are ever likely to own.
Colby Short, Co-founder and Chief Executive of GetAgent.co.uk, says: “Estate agents are one of the unsung heroes of all professions in this country.
“Selling a home is a stressful and emotional event for homeowners, often made worse by the stress of the reason for the sale such as a growing family, relocating for a new job or even divorce.
“A good estate agent shields a seller from many of the most stressful parts of the selling process, not only achieving a great result financially but reducing some of the emotional burden on the seller.”
He adds: “The challenge is that the easier a great estate agent makes things look, the more sellers feel they didn’t earn the money.
“It’s time Joe Public started giving agents the respect they deserve before we start to lose some of our brightest and best to other markets.”
Buyer demand has continued to climb during the first quarter (Q1) of the year, research suggests.
Analysis by agency comparison website GetAgent suggests that buyer demand was up 1% in the first three months of 2024 compared with the final quarter of 2023.
GetAgent’s Hotspots Demand Index monitors homebuyer demand across England on a quarterly basis.
Current demand is based on the proportion of stock listed as already sold subject to contract or under offer as a percentage of all stock listed for sale.
The latest index shows that 42% of all homes listed for sale across England had found a buyer in Q1 of this year.
This marks a 1% increase in buyer demand levels when compared to Q4 2023, with the market returning to the same levels seen during the first quarter of 2023.
The City of London that has seen the largest quarterly uplift in demand, with a 6% increase versus the final quarter of last year.
West Yorkshire, Leicestershire, Tyne and Wear, Staffordshire, Durham, South Yorkshire and Greater Manchester have also seen some of the strongest quarterly growth in buyer demand levels with a 3% increase.
On an annual basis, it’s Bedfordshire that has seen the largest increase in buyer appetites, with a +6% increase in buyer demand levels.
The City of London again ranks high with a 4% jump, with Berkshire and Greater London seeing a 3% increase, while Kent, Buckinghamshire, Oxfordshire and Northamptonshire are up 2%.
Bristol sits top as the nation’s hottest spot for current buyer demand, with 62% of all homes listed for sale having already been snapped up by buyers.
Berkshire (49%), Tyne and Wear (48%), South Yorkshire (48%), Wiltshire (48%) and Bedfordshire (48%) are also home to some of the highest current buyer demand levels across the nation.
Colby Short, chief executive of GetAgent, said: “With transaction volumes looking pretty bleak still, all of us in the industry are looking further up the funnel for signs of better things to come. Thankfully the buyer demand figures paint a reassuring picture.
“Not only is the percentage of stock with a sale agreed higher than last year, stock levels are also higher. These increases should compound nicely to produce some positive transaction and revenue figures later on this year which the industry is desperate for.”
Most agents believe the recent Budget was a wasted opportunity, and the Government doesn’t know how to help the property industry.
Findings from two major surveys reveal the discontent among estate agents with Chancellor Jeremy Hunt (main picture) and other ministers responsible for housing policy.
A poll of 833 property professionals, commissioned by GetAgent, found that the vast majority were disappointed with the lacklustre Budget.
More than a quarter (27%) described the Budget as ‘inadequate’, and a further 54% said it was ‘underwhelming’.
The industry had been expecting an announcement on a 99% mortgage, but this was scrapped just days before, a decision that 56% agreed with.
There had been hopes of another Stamp Duty reduction, and 71% believe this should have been included by the government.
Two thirds (67%) said there should have been a buyer incentive introduced to help kick-start the market, with 64% stating they would have liked to have seen more focus on housing supply.
And a massive 83% think more should have been done to improve the homebuying and selling process.
The Tory party may as well have ignored the property market altogether.”
Colby Short, Co-founder and CEO, GetAgent
Colby Short, Co-founder and CEO of comparison platform GetAgent, says: “During what is likely their last budget for years to come, the Tory party may as well have ignored the property market altogether.
“Despite predictions, or maybe hopes, that there may have been stimulii for the property market, none were forthcoming.”
Meanwhile, in a snap poll of 160 letting agents carried out by tenant referencing firm Goodlord, 75% of respondents said they didn’t think the Government understood the pressure facing the sector.
And a further 19% weren’t sure, with just 6% saying they thought the Government truly understood.
The Spring Budget missed the mark when it comes to boosting current market conditions, agents have claimed.
A survey of 833 UK property professionals, commissioned by agency comparison website GetAgent, found that the vast majority were disappointed by the lacklustre Spring Budget, with 27% describing it as inadequate and a further 54% stating it was underwhelming.
The industry had been expecting a significant announcement on 99% mortgage, while 71% thought there would be a Stamp Duty reduction.
Two thirds also stated they would have liked to see some other form of buyer incentive introduced to help kick start the market, with 64% stating they would have liked to have seen more focus on housing supply.
Furthermore, 83% think more should have been done to improve the homebuying and selling process.
While there was a rabbit out of the hat in the form of a reduction to capital gains tax, just 35% think it will incentivise more landlords to invest in the buy-to-let sector, with 42% believing it will encourage more landlords to actually sell up and exit.
So with a second consecutive Budget of property market disappointment, it’s no surprise that just 14% of those surveyed think that the property market will now see a boost in buyer and seller activity as a result of the property market initiative announced.
Just 12% think the housing market will now see a boost to house prices following the Spring Budget.
Colby Short, chief executive of GetAgent, said: “During what is likely their last Budget for years to come, the Tory party may as well have ignored the property market altogether. Despite predictions, or maybe hopes, that there may have been stimulii for the property market, none were forthcoming.
“As shown in the survey, this is disappointing to many people. However, election years often result in stagnation in the property market whilst buyers and sellers wait to see who comes out on top. With the property market seemingly an afterthought in this election, and with no major housing policies to separate the parties, I would hope that the market can continue unaffected by this election year.”
Seller search interest for high street agents has dropped, while there has been a significant spike in searches for cheap fee agents, research suggests.
Agency comparison website GetAgent analysed data from Google Trends for a number of home seller and estate agency related search terms to reveal how seller interest has changed in the current market versus this time last year based on the change in the average search term popularity score.
The analysis found there has been a notable year on year spike in search interest for the term ‘cheap estate agent’ within the estate agency category – up 53% between January 2023 and January 2024.
Meanwhile, search interest for ‘high street estate agent’ is the only search term analysed by GetAgent to have seen a reduction, down 45% annually. Although the search terms ‘best estate agent’ was up 27% and ‘local estate agent rose 12%.
Colby Short, chief executive of GetAgent, said: “In a time when selling a property is particularly tough, it’s more important than ever for vendors to instruct the very best agent they can find, but more and more vendors are searching for a cheap agent. Whilst this approach is wrong it is understandable why many vendors are making this mistake. To the untrained eye estate agents are a commodity. They often look the same, say the same things and all bring a Rightmove report “proving” they are the best.
“Yet agents are not a commodity. Some are much better than others and a good one can get you a price for your home that will far outweigh the additional fee they charge you whilst also providing great support through an extremely stressful process. It is vital to our industry that we all continue to make this point and hopefully we will see ‘best estate agent’ searches surge next year.”
More than half of UK estate agents feel upbeat about the prospects for the rest of the year with the majority believing the property market will continue to stand firm.
Research from GetAgent.co.uk reveals 55% of estate agents are confident about the market in 2024 albeit an appropriate approach to pricing remains imperative to success.
These figures are alsso bolstered by Propermark’s monthly snapshot, which reveals the number of market appraisals increasing 129% and an 89% jump in the number of homes coming to market, although these figures for January are often high after the Christmas shutdown.
Nevertheless, GetAgent says four out of 10 agents believe house prices will remains resilient during 2024 with nearly a third (29%) anticipating an increase.
Almost a fifth have seen an increase in the number of new seller enquiries so far in 2024 when compared to this time last year while four out of 10 (39%) stated they were as busy as this time last year.
Similarly, 15% have seen an annual increase in the level of for sale stock they are holding while 40% are as busy as last year in this respect.
Some 15% have also seen a year-on-year increase in the number of buyers making offers so far in 2024, with 35% again stating that buyer activity is at a similar level to last year.
But it appears buyers are still spooked with higher borrowing costs with just one in 10 agents reporting them submitting offers at above asking price in the current market and six out of 10 buyers making offers at below asking price.
Three out of 10 (30%) estate agents also reported an increase in down valuations with a similar amount (36%) seeing an increase in fall throughs.
Colby Short, GetAgent
Colby Short, Co-founder and Chief Executive of GetAgent.co.uk, says: “Our own numbers reflect the feedback from agents around increased market activity with a record breaking number of vendors referred in the first two months of the year.
“As always, it is important for us all to see the increased stock moving through the funnel and transactions completing.
“With inflation seemingly under control and the Bank of England hopefully reducing the base rate soon, all signs are pointing to a much better year for the property market.”
Around half of agents remain confident about the housing market’s prospects this year, research suggests.
A survey of almost 600 estate agents, commissioned by GetAgent.co.uk, found that 55% are confident about the market in 2024.
The continued volatility of higher mortgage rates ranked as the biggest obstacle for the year ahead, followed by wider market uncertainty and the stubbornness of inflation. However, house price depreciation and a lack of both buyer and seller activity were far less of a concern.
As a result, 40% of agents believe house prices will stand firm in 2024, with a further 29% anticipating an increase.
When it comes to current market activity, 18% said they have seen an increase in the number of new seller enquiries so far in 2024 when compared to this time last year, while 39% stated they were as busy as this time last year.
Similarly, 15% have seen an annual increase in the level of for sale stock they are holding, while 40% are as busy as last year in this respect.
Additionally, 15% have also seen a year-on-year increase in the number of buyers making offers so far in 2024, with 35% again stating that buyer activity is at a similar level to last year.
While there is widespread optimism for the year ahead, it’s clear that buyers are still treading with caution as a result of higher borrowing costs, GetAgent said.
The agency comparison website said estate agents must therefore approach the valuation process sensibly.
Just 10% of agents surveyed by GetAgent said that buyers are submitting offers at above asking price in the current market and 63% are making offers at below asking price.
A third of estate agents also stated that they had seen an increase in properties being downvalued, with 36% seeing an increase in the number of homes falling through.
Colby Short, chief executive of GetAgent, said: “It’s great to hear that the majority of agents are feeling confident about 2024. Our own numbers reflect the feedback from agents around increased market activity with a record-breaking number of vendors referred in the first two months of the year.
“As always, it is important for us all to see the increased stock moving through the funnel and transactions completing, however with inflation seemingly under control and the Bank of England hopefully reducing the base rate soon, all signs are pointing to a much better year for the property market.”
Buyer demand across England crept up during the final months of 2023 but remains down annually, research has revealed.
Analysis has revealed that demand rose 0.3% in the final quarter of 2023, although it remained down 6.7% versus the fourth quarter of 2022.
The figures came from GetAgent’s Hotspots Demand Index, which monitors homebuyer demand across England on a quarterly basis based on the proportion of sale stock listed as sold subject to contract or under offer.
Just one area of England saw positive movement year on year. Across the City of London, buyer demand climbed by 2.4% during the fourth quarter on an annual basis.
Durham saw the largest annual decline in buyer demand levels, down 15.7%, followed by Suffolk and Cheshire.
While overall demand only crept up by 0.3% on a quarterly basis, there are far more prominent signs of growing market momentum at county level, GeAgent said.
Rutland saw buyer demand increase by 3.8% on a quarterly basis while both Buckinghamshire and Berkshire also showed strong signs of growth at 3.4%.
Colby Short, co-founder of GetAgent, said: “Our latest index very much echoes wider industry data on market performance during the closing stages of 2023.
“While the landscape remains largely subdued, there are green shoots of positivity starting to show and in some areas, these shoots are growing at a far swifter rate than the national picture alludes to.
“Although the market is yet to spring back into action when viewed on an annual basis, there’s no doubt that things are improving and this puts us in a great position as we enter the new year.”
It comes as Propertymark members reported a fall in both supply and demand during November.
There were on average just six new homes placed for sale per member branch in November, a 26% drop on October’s figure, according to the agency trade body’s latest Housing Insight Report.
Meanwhile. the number of buyer registrations reduced from 53 in October to 49 in November.
Nathan Emerson, chief executive of Propertymark, said: “Economic uncertainty continues to pervade the UK economy and housing markets. In the residential sales sector, seasonal trends are undoubtedly weighing on market performance.
“However, there are also strong indications that the market is cooling in general. Demand, as measured by new buyer registrations, is trending downwards and though offset by a reduction in existing stock levels and new supply, price pressures are increasing. This is evidenced by the majority of members reporting that properties continue to sell for less than asking price.”
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