The UK is full of old houses.
For example, Littlecote House in Wiltshire was built in 1290 AD and still stands today.
It is one of over 9,000 Grade I listed buildings. And there are approximately another 370,000 listed buildings in England alone.
So, with such a long property history, has the UK also had a long history of estate agents selling them?
Read on to find out.
The 19th century
1805: The first professional estate agents
Most experts agree that the first official estate agency in the UK was Chestertons.
This organisation was formed in 1805 by Charles Chesterton. He placed an advert in the ‘London Courier’ in 1807 for rent collection.
The company is still active today.
The number of estate agencies in the early 1800s was low. But this figure rose as the UK’s population grew.
19th century population boom
Throughout the 1810s and 1820s, the role of assisting house sales became known as a ‘house agent’.
The population of London from approximately 1 million to 5 million between 1805 and 1900. And the UK’s population rose from just over 10 million to nearly 40 million.
More properties were built to accommodate this, and the number of professional intermediaries in house sales grew.
Birth of the large estate agencies
Two of today’s largest estate agencies, Savills and Hamptons, were set up in 1855 and 1869, respectively.
This demonstrates the boom in estate agencies in the middle of the 19th century.
During this time, estate agencies were not always regulated. It was a small industry in the 19th century, which resulted in little protection for companies and customers.
The 20th century
By 1900, estate agencies became more common across the world, including America (where they became known as real estate agents).
This influence the commercialisation of the industry in the UK.
A recent acquisition also ranks Connells Group as high on the list of largest businesses. It was founded in 1936.
This growth is suspected to have been slow but consistent throughout the 20th century.
Regulation introduced
Regulation became more common throughout the 20th century. The Estate Agents Act of 1979 was a major milestone and still plays a significant role in society today.
This act established guidelines for the conduct of estate agents. It also ensured transparency in all house sales. It is there to protect all parties involved.
The booming 80s
There was a boom in property transactions during the 1980s.
An affluent class with ‘new money’ and Margaret Thatcher’s ‘Right to Buy’ scheme also contributed to rising numbers of house sales.
One large national estate agency, Countrywide, was set up in 1986. And LSL Property Services (then called GA Property Services) was founded in 1989.
Commercial estate agents
Home agents were the first form of estate agent. But today, there is also a large market for commercial estate agents.
These professionals specialise in selling spaces available for business use. Large office blocks are the most common example.
Many of the largest estate agencies listed above operate in the commercial space.
The 21st century
The 2000s: Online estate agencies
The birth of the internet and computers enormously impacted all industries. Estate agents were not immune to this.
Homeowners started to list their properties online. People could use online messaging platforms to enquire.
For example, Rightmove was founded in 2000. It continues to have an enormous impact on the property market today. Zoopla was also founded in 2007.
Technology has also affected the service estate agents provide to clients. Developments in all areas has enabled:
- High-quality images
- Easy plotting of square footage
- Quick email communication
- New ways of advertising properties.
Many estate agencies have websites on which to advertise properties. Social media sites such as Facebook, Instagram and Twitter (now X) are used.
Finding suitable estate agents in your area to support you is also easier. A quick Google search yields many results. The same applies to finding conveyancers to aid the transaction.
Alongside new technologies came the birth of hybrid and online estate agencies. More on this below.
The 2008 crash
A slight downward trend occurred in 2008 – 09 after the financial crash of that year.
Buyer activity was low and funds were not easy to come by. In fact, the crisis had been caused by subprime lending on mortgages.
2010 onwards
Things picked up from 2010. Activity in the housing market began to rise once more.
Purplebricks, the largest estate agency today, was founded in 2012.
Several sources state that estate agency numbers have continued to rise in the past year. One study found that the number of estate agencies went up by 2% between 2023 – 2024.
Another study found that the figure has been 20% over the past five years. This is impressive considering the Covid-19 pandemic and cost of living crisis creating issues in the UK market.
The introduction of Hybrid and Online Estate Agencies
It is no longer compulsory for an estate agency to be in-person. Throughout the early 21st century, the birth of hybrid and online estate agencies took place.
A hybrid estate agency combines in-person and online services. They don’t have a physical office which enables them to keep overheads down.
This translates into a lower price. But you will still meet these people in-person for valuations and viewings.
An online estate agency takes this one step further. Their prices are often the lowest, and they may have a cash buying facility too.
The customer can select the service levels that suit them best. Aspects can be cut, or taken into the seller’s hands, if need be.
Will estate agents always be around?
New technologies will always shake up an industry as the years pass. Estate agents are not immune to this. No one can determine how the next 100 years will unfold and whether estate agents will exist.
As things stand, estate agent figures are rising. Rising populations mean that more people need houses. This translates into more sales and a greater need for estate agents.
Property transactions will always occur in one form of another. A market should thus exist for some form of intermediary.
Even if more people take this into their own hands in future years, it is unlikely to wipe out estate agents altogether.
