The Estates Gazette magazine has just published the 14th annual Top Agents Survey, which makes interesting reading after two years of generally miserable conditions in the property industry. The majority of agents lost staff leaving the collective workforce of 60 largest UK property agencies at 22,700.
Declining turnovers
The decline in income appears to have abated – the collective turnover of the top 60 agents fell 7% (£160m) to £2.1bn, compared with a 17% drop the year before. Over a third of the firms expect their turnover this year to be no better than last and a small number still report their turnovers are falling.
Further consolidation anticipated
70% thought further consolidation was inevitable – and the reason was that the smaller the firm, the more that income is being squeezed. The top ten saw turnover drop 6.5% but in the groups of ten below that it is 7-10% falls.
Niches performing well
Yet whilst the generalists with no overseas business to shore up dismal UK results, there appears to be a number of independent niche firm performing well.
Structure a factor?
Whilst the varied fortunes of the top 40 agents can be attributed to a range of factors such as size, location, mix of residential and commercial – a cursory look at the structure of the agents suggests there might be something in that too – the 19 LLPs had an average growth in turnover of 3.7%, whereas the 15 LLC were at -9.9% and the 5 PLCS were at -13.81. Something we will be investigating further.
The 10 best performers in top 40 (turnover growth)
|
Rank
|
Firm
|
Struct
ure
|
Latest UK t/o (£m)
|
Previous UK t/o (£m)
|
Change %
|
Latest UK profit (£m)
|
Previous UK profit (£m)
|
|
19
|
Carter Jonas
|
LLP
|
30.33
|
19.10
|
58.8
|
n/d
|
n/d
|
|
25
|
MJ Mapp
|
LLC
|
11.20
|
9.05
|
23.8
|
0.66
|
1.19
|
|
15
|
Allsop
|
LLP
|
35.30
|
28.61
|
23.4
|
10.5
|
4.75
|
|
38
|
Briant Champion Long
|
LLP
|
5.50
|
4.71
|
16.8
|
n/d
|
n/d
|
|
40
|
Walker Singleton
|
LLC
|
4.20
|
3.63
|
15.7
|
n/d
|
n/d
|
|
9
|
Strutt & Parker
|
LLP
|
74.00
|
64.00
|
15.6
|
n/d
|
n/d
|
|
3
|
Knight Frank
|
LLP
|
173.20
|
153.30
|
13.0
|
n/d
|
n/d
|
|
27
|
Ryden
|
LLP
|
10.61
|
10.00
|
6.1
|
4.13
|
n/d
|
|
20
|
Montagu Evans
|
LLP
|
27.71
|
26.20
|
5.8
|
13.33
|
10.00
|
|
22
|
Edward Symmons
|
LLP
|
16.43
|
15.67
|
4.9
|
4.07
|
3.10
|
The 10 poorest performers in top 40 (turnover growth)
|
Rank
|
Firm
|
Struct
ure
|
Latest UK t/o (£m)
|
Previous UK t/o (£m)
|
Change %
|
Latest UK profit (£m)
|
Previous UK profit (£m)
|
|
39
|
Storeys:ssp
|
LLC
|
4.90
|
6.80
|
-27.9
|
n/d
|
n/d
|
|
26
|
Goadsby
|
LLC
|
10.91
|
15.00
|
-27.3
|
0.13
|
0.20
|
|
36
|
Glenny
|
LLP
|
6.55
|
9.00
|
-27.2
|
0.76
|
2.10
|
|
13
|
Colliers International
|
PLC
|
53.99
|
74.00
|
-27.0
|
-7.48
|
-5.90
|
|
5
|
DTZ
|
PLC
|
145.69
|
195.00
|
-25.3
|
8.74
|
8.50
|
|
12
|
Lambert Smith Hampton
|
LLC
|
58.70
|
78.00
|
-24.7
|
4.90
|
7.20
|
|
29
|
Vail Williams
|
LLP
|
10.58
|
13.80
|
-23.3
|
n/d
|
3.60
|
|
23
|
Sanderson Weatherall
|
LLP
|
14.50
|
17.00
|
-14.7
|
0.62
|
0.40
|
|
32
|
Aitchison Raffety
|
LLC
|
8.17
|
9.57
|
-14.6
|
0.01
|
0.21
|
|
30
|
Rapleys
|
LLP
|
9.08
|
10.60
|
-14.3
|
2.48
|
2.90
|
Top 40 in terms of turnover (Estates Gazette, 11 September 2010)
|
Rank
|
Firm
|
Struct
ure
|
Latest UK t/o (£m)
|
Previous UK t/o (£m)
|
Change %
|
Latest UK profit (£m)
|
Previous UK profit (£m)
|
|
1
|
Savills
|
PLC
|
288.30
|
314.10
|
-8.2
|
24.70
|
30.60
|
|
2
|
CB Richard Ellis
|
PLC
|
215.00
|
234.00
|
-8.1
|
n/d
|
n/d
|
|
3
|
Knight Frank
|
LLP
|
173.20
|
153.30
|
13.0
|
n/d
|
n/d
|
|
4
|
Jones Lang LaSalle
|
PLC
|
165.0
|
190.00
|
-13.2
|
n/d
|
n/d
|
|
5
|
DTZ
|
PLC
|
145.69
|
195.00
|
-25.3
|
8.74
|
8.50
|
|
6
|
King Sturge LLP
|
LLP
|
136.00
|
136.00
|
0.0
|
n/d
|
12.50
|
|
7
|
GVA Grimley
|
LLC
|
111.40
|
118.00
|
-5.6
|
n/d
|
n/d
|
|
8
|
Drivers Jonas Deloitte
|
LLP
|
91.47
|
91.80
|
-0.4
|
n/d
|
n/d
|
|
9
|
Strutt & Parker
|
LLP
|
74.00
|
64.00
|
15.6
|
n/d
|
n/d
|
|
10
|
Cushman & Wakefield
|
LLP
|
71.20
|
77.90
|
-8.6
|
n/d
|
n/d
|
|
11
|
BNP Paribas Real Estate
|
LLC
|
63.00
|
69.30
|
-9.1
|
3.20
|
2.70
|
|
12
|
Lambert Smith Hampton
|
LLC
|
58.70
|
78.00
|
-24.7
|
4.90
|
7.20
|
|
13
|
Colliers International
|
PLC
|
53.99
|
74.00
|
-27.0
|
-7.48
|
-5.90
|
|
14
|
NB Real Estate Group
|
LLC
|
44.10
|
44.30
|
-0.5
|
1.50
|
2.20
|
|
15
|
Allsop
|
LLP
|
35.30
|
28.61
|
23.4
|
10.5
|
4.75
|
|
16
|
Bidwells
|
LLP
|
33.00
|
36.30
|
-9.1
|
5.00
|
4.10
|
|
17
|
Gerald Eve
|
LLP
|
35.59
|
33.80
|
-3.6
|
6.10
|
n/d
|
|
18
|
Cluttons
|
LLP
|
32.00
|
34.17
|
-6.4
|
1.65
|
-3.40
|
|
19
|
Carter Jonas
|
LLP
|
30.33
|
19.10
|
58.8
|
n/d
|
n/d
|
|
20
|
Montagu Evans
|
LLP
|
27.71
|
26.20
|
5.8
|
13.33
|
10.00
|
|
21
|
GL Hearn
|
LLC
|
18.50
|
20.16
|
-8.2
|
1.90
|
3.20
|
|
22
|
Edward Symmons
|
LLP
|
16.43
|
15.67
|
4.9
|
4.07
|
3.10
|
|
23
|
Sanderson Weatherall
|
LLP
|
14.50
|
17.00
|
-14.7
|
0.62
|
0.40
|
|
24
|
Eddisons
|
LLC
|
11.41
|
11.35
|
0.5
|
n/d
|
n/d
|
|
25
|
MJ Mapp
|
LLC
|
11.20
|
9.05
|
23.8
|
0.66
|
1.19
|
|
26
|
Goadsby
|
LLC
|
10.91
|
15.00
|
-27.3
|
0.13
|
0.20
|
|
27
|
Ryden
|
LLP
|
10.61
|
10.00
|
6.1
|
4.13
|
n/d
|
|
28
|
Alder King
|
LLP
|
10.60
|
12.30
|
-13.8
|
3.10
|
4.40
|
|
29
|
Vail Williams
|
LLP
|
10.58
|
13.80
|
-23.3
|
n/d
|
3.60
|
|
30
|
Rapleys
|
LLP
|
9.08
|
10.60
|
-14.3
|
2.48
|
2.90
|
|
31
|
Stiles Harold Williams
|
LLC
|
8.81
|
9.60
|
-8.2
|
0.62
|
0.34
|
|
32
|
Aitchison Raffety
|
LLC
|
8.17
|
9.57
|
-14.6
|
0.01
|
0.21
|
|
33
|
CVS UK
|
LLC
|
8.10
|
n/a
|
n/a
|
2.0
|
n/a
|
|
34
|
Dacre Son & Hartley
|
LLC
|
6.80
|
7.60
|
-10.5
|
0.32
|
0.00
|
|
35
|
Strettons
|
LLC
|
6.62
|
6.74
|
-1.8
|
1.32
|
1.70
|
|
36
|
Glenny
|
LLP
|
6.55
|
9.00
|
-27.2
|
0.76
|
2.10
|
|
37
|
Mattews & Goodman
|
LLC
|
5.80
|
6.60
|
-12.1
|
1.20
|
0.10
|
|
38
|
Briant Champion Long
|
LLP
|
5.50
|
4.71
|
16.8
|
n/d
|
n/d
|
|
39
|
Storeys:ssp
|
LLC
|
4.90
|
6.80
|
-27.9
|
n/d
|
n/d
|
|
40
|
Walker Singleton
|
LLC
|
4.20
|
3.63
|
15.7
|
n/d
|
n/d
|
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