7th April 2015
The City of Westminster has 179 estate agents, and seven other London boroughs are home to more than 100 estate agents each, a new survey reveals.
A report by HouseSimple.co.uk, an online estate agent, found that Greater London has a total of more than 2,600 high street estate agents and that the average agent branch in London makes fewer than four sales a month.
Walthamstow has 18 estate agents within a quarter of a mile of the Tube station
There is an average of 83 estate agent branches in every London borough. Wandsworth, for example, which includes popular areas such as Balham, Putney and Wandsworth Town, has more than 150 estate agents.
According to calculations by HouseSimple, individual London estate agent branches made an estimated average of more than £400,000 in fees last year, on fewer than four sales a month.
HouseSimple also counted the number of estate agent branches within 400 metres of major Tube stations.
The research revealed that Walthamstow has 18 estate agents within 400 metres of its station. While Wimbledon, Ealing Broadway and Borough, each have 15 agents and Canary Wharf and Notting Hill Gate, each have 14.
Alex Gosling, chief executive of online estate agents HouseSimple says: “London high streets are literally paved with property gold. While small independent retailers are being pushed out by rising rents, estate agents are securing the best spots on the high street and filling their pockets – last year to the tune of more than £1bn in fees.
“In a buoyant property market, it’s easy for estate agents to set up shop, and by continuing to charge exorbitant fees to home sellers, they can afford to pay the rent on less than four sales a month.
“It’s impossible to walk down a local high street in London now without passing an estate agent’s window, but Londoners may still be surprised to know just how many estate agents there are across the Capital.
“More than 2,600 estate agents is a staggering number when you consider that most people now start their property searches online, and many never even venture into a high street agent’s premises. So the question Londoners may legitimately ask is, do we need so many of them?”
The following table shows just how many estate agents there are in each of the London boroughs. The table also reveals the estimated level of fees earned in each borough in 2014:
|London Borough||Number of estate agents in borough||Fees earned by high street estate agents in Borough in 2014 (£)|
|Barking & Dagenham||25||11,732,303|
|Hammersmith & Fulham||82||43,199,486|
|Kensington & Chelsea||127||73,328,825|
|Kingston upon Thames||58||24,844,617|
|Richmond upon Thames||91||42,231,825|