Seven out of 10 estate agents have seen competition increase in their local area with a rise in the number of new offices opening in the last three months.
The latest research from Move with Us, the largest network of independent estate agents in the UK, says that properties in Britain are now selling in a record breaking 88 days on average.
Improved conditions in the property market have been a contributing factor to the surge of new estate agents’ offices opening as entrepreneurs are attracted to the profits that can be made from the market.
Findings from the survey carried out by Move with Us highlighted that nearly half of estate agents have seen one direct competitor open a new office in their local area in the last three months. Thirty per cent of agents have seen two new office openings, while 18 per cent have seen three in the same time frame.
The research also highlighted that the highest number of new office openings have occurred in the regions with the highest asking prices and fastest selling times including Greater London, East Anglia and the South East.
Robin King, director at Move with Us, commented: “The rise in new estate agencies opening is a result of the improving property market as entrepreneurs look to cash in on what they perceive to be a more lucrative market. Despite signs the housing market seems to be cooling down, there is still a risk of market saturation as more estate agents continue to open up in areas which experience faster sales and higher than average property values.”
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