Estate agents are taking over London’s high street at a rate of almost 5 a week
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Figures released this week have shown a big year on year increase in the number of estate agents opening in London, with Westminster and Islington seeing the most
There has been a surge in the number of estate agents opening on London’s high streets, with the most marked increase seen in central and north London boroughs.
A report produced by online estate agents HouseSimple.com calculated that 220 new branches have opened since February 2015, a rate of one every 1.6 days or over four a week.
Westminster has seen the most dramatic rise in the capital, with the number of estate agents up 27.4 per cent compared to last year, from 179 to 228.
Islington came a close second with a 26.1 per cent increase in estate agents offices, up 111 from 88.
In Camden the rise was less steep, up 120 from 109, an increase of 10.1 per cent.
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This was still above average for London as a whole, where the average increase was just 8.3 per cent in the past 12 months.
Alex Gosling, the CEO of HouseSimple.com said: “It’s not surprising, when just one office can make hundreds of thousands of pounds in fees in a year. London high streets are literally paved with property gold.”
In 2014 London estate agents made over £1.1 billion in fees alone.
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But at almost 3,000 branches in the capital as a whole he admitted “it’s a staggering number.”
The proliferation of online estate agencies, however, could foreshadow an end to the agency fee gold rush.
The seven floor mansion features marble staircases, ornately decorated ceilings and a view of Buckingham Palace.
By paying the one-off online fee of just £546, the owner has saved themselves up to £400,000 in estate agents fees.