A potted history of estate agency
Buying and selling property wasn’t really a thing until the 19th century, when The Industrial Revolution – with its increase in house building – changed the property landscape forever. Alternatives to renting from the Crown or the landed gentry resulted in the estate agent industry we know today and here, Viewber takes a whistle-stop yet fascinating look at the sector’s history.
1066: William the Conqueror declares all land belongs to the Crown. Parcels of land are divided between the monarchy, barons and the Church, and property was inherited, rather than sold. Our potted history of landlords blog explains how rent collection was the main property activity.
1805: Charles Chesterton appears in a local business directory as collecting rents for William Phillimore and the Phillimore Estate in Kensington, London. As a result, the UK’s reportedly oldest estate agency, Chestertons, is born. The London Courier carries Chesterton’s first advert in 1807.
1851-1911: the population of England and Wales more than doubles, rising from just under 18 million to just over 36 million. By 1911, approximately 7.6 million new houses are built and the need for homeowners to buy and sell property dramatically increases.
1884-1896: auctioneers and land professionals start diversifying into estate agency. Herbert Jackson-Stops originally held livestock auctions; Alfred Savill was a surveyor and auctioneer; and Knight Frank & Rutley started as a valuations, surveying and auctions business. They all start selling property.
1897: the first issue of Country Life magazine is published, featuring an advert run by estate agent Walton & Lee. The agent takes the coveted first advertising spot in each edition for so long that Knight Frank buys the agency in 1912 just to secure this position for itself.
1930s: low interest rates and a housing boom lead to a huge rise in homeownership, with 31% of families owning their property, compared to just 10% in 1914. With more property in cities, suburbs and the countryside, more estate agents now cater for home movers. Curchods, Connells and Dixons all become large regional estate agents.
1980s: the creation of an affluent class with ‘new money’, together with Margaret Thatcher’s ‘Right to Buy’ scheme, encourages more people to buy and sell. In response, an influx of new agents arrive, including Foxtons, Andrew Reeves, Northfields, Countrywide and Your Move.
1990s: another property boom sees more estate agents appear on the High Street, with Bradleys, Hunters, Dexters, Edmund and Jacksons operational by 1995.
2000: Countrywide, Connells, Halifax, and Royal and Sun Alliance – the top four corporate estate agencies of the era – form Rightmove. Zoopla launches in 2008, followed by Agents’ Mutual in 2013 – an agent-owned challenge to the portal duopoly, which later becomes OnTheMarket.
2000s: HouseNetwork launches as the first online-only estate agency in 2003. Hatched follows in 2006, with Housesimple.com in 2007, Tepilo in 2009, eMoov in 2010, Purplebricks in 2012 and easyProperty 2014.
2016: FRICS and former Douglas & Gordon partner, Ed Mead, establishes Viewber with Marcus De Ferranti. Its property viewing and visit services transform the resourcing, reach and availability of estate agents.
2020: the Regulation of Property Agency (RoPA) report is released in February, which recommends agents possess a mandatory qualification in order to obtain a licence to operate.
2022: in August, agents are invited to register their interest with Rightmove for the Level 3 Certificate for Estate and Lettings Agents – a qualification regulated by Ofqual in light of the RoPA report.
If you’d like to discuss the future of estate agency and how Viewber could help you write an exciting new chapter, please get in touch.
