Estate agents across the UK currently have more than 582,000 properties in their pipeline for sale and SSTC – worth an estimated value of £143bn, according to new research from WiggyWam.
Taking the UK as a whole, the all-in-one property platform claims that the average estate agency branch is currently waiting on £105,000 worth of fees, which may come as a surprise to some firms.
It may also surprise some agents that the study, headed up by CEO Silas J. Lees, adds that the average UK commission is 1.5%.
Lees said: "I'm astounded by these figures which are far higher than anyone could have expected. It highlights the immediate need for systemic change in the industry; particularly the need to build a bridge between the agency and legal sides of homebuying to help clear this backlog. For agents in particular, this is proof that complacency is now your worst enemy. There is just too much to lose.
"Our mission at WiggyWam has always been to remove the barriers preventing people from moving home. Working alongside agents and the legal profession to streamline the legal process means we can guarantee deals exchange in less than half the time they currently take."
Breakdown of Key Stats
+ Total Number of Properties in UK Estate Agent Pipeline Stock (for sale and SSTC): 582,537
+ Total Value of UK Estate Agent Pipeline Stock – £142,979,628,891
+ Total Value of UK Estate Agent Pipeline Fees – £2,158,992,396
+ Value of UK Estate Agent Pipeline Fees per Branch – £104,633
Top 10 UK Cities by Total Estate Agent Pipeline Stock (number of properties)
- London – 92,776
- Birmingham – 8,814
- Bristol – 7,359
- Manchester – 7,219
- Liverpool – 6,846
- Nottingham – 6,498
- Glasgow – 5,688
- Leeds – 4,844
- Sheffield – 4,438
- Leicester – 3,475
Top 10 UK Cities by total value of Estate Agent Pipeline Stock
- London – £45,546,826,030
- Bristol – £2,238,674,314
- Birmingham – £1,700,119,941
- Manchester – £1,382,378,356
- Nottingham – £1,035,214,766
- Liverpool – £1,026,472,699
- Leeds – £964,602,328
- Bournemouth – £918,410,626
- Glasgow – £834,785,328
- Edinburgh – £831,378,117
Top 10 UK Cities by Estate Agent Pipeline Fees
- London – £687,757,073
- Bristol – £33,803,982
- Birmingham – £25,671,811
- Manchester – £20,873,913
- Nottingham – £15,631,743
- Liverpool – £15,499,738
- Leeds- £14,565,495
- Bournemouth – £13,868,000
- Glasgow – £12,605,258
- Edinburgh – £12,553,810
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