Good News Exclusive - Most agencies plan to expand in 2022

Research based on questioning almost 1,000 estate agents suggests that around 70 per cent are set to expand their business this year through additional staffing or premises.

The industry survey sought the views of 961 agents earlier this month and found that over a third have hired additional staff in recent months to keep up with the current market. 

Some 15 per cent have hired between one and two more people while 11 per cent have hired between three and five new faces; three per cent have taken on between six and 10 new staff and six per cent say they have hired over 11. 

Since the last significant Covid lockdown, the booming housing market has encouraged 11 per cent of the agents questioned to say they had expanded their existing branch or office, while three per cent have relocated to larger premises and one per cent have opened an additional office. 

What’s more, 70 per cent of agents state that they have plans for further expansion of their business over the coming year.

The research was conducted for online agency Nested. Agency spokeswoman Alice Bullard says: “It’s been a whirlwind 18 months or so for the UK property market and the nation’s estate agents have been working in overdrive just to keep up. 

“So it’s hardly surprising to see that a good chunk of us have been on a recruitment drive in order to cope with such high levels of market activity, while some have also expanded their base of operations. 

“That said, the majority have held steady and chosen to delay any expansion plans until this year. This caution is understandable given the wider economic uncertainty that the pandemic has posed but now there does seem to be light at the end of the tunnel. 

“Many had also predicted the property market boom would come to an abrupt halt following the stamp duty holiday deadline, but it appears that this has yet to materialise and much of the UK is set to grow even stronger in 2022.”