Estate agents across the UK have a lucrative day job, with an average daily commission income of £30.93 while overseeing a property sale from listing to final completion, according to a recent analysis by eXp UK. The disparity in earnings between regions is stark, with London agents raking it in at an estimated £60.37 per day.
Nationwide, the average estate agency fee stands at 1.42%, which translates to an estimated commission of £3,835 per completed sale when applied to the current UK average house price of £270,080. Given that the average property transaction takes approximately 124 days to finalise, this equates to the daily commission revenue.
The South East follows London in terms of daily commission earnings, with agents taking home an estimated £40.54 per day. Northern Ireland ranks third at £39.60, thanks to its lightning-fast average completion time of just 71 days. The East of England (£36.45), the South West (£32.55), and Scotland (£32.44) also exceed the national average.
However, it's a different story in other parts of the country. The North East records the lowest daily commission at £19.81 due to lower average property values reducing the estimated fee per transaction to £2,317. Wales is second lowest at £22.35 per day, primarily due to having the longest average completion time in the UK at 135 days.
Adam Day, head of eXp UK and Europe, commented on the findings: "Estate agency is a results-driven profession where agents often wait months for their efforts to yield financial returns." He highlighted regional market dynamics as crucial factors influencing an agent's earning potential, including property values, transaction timelines, and local conditions.
This research has not been peer-reviewed but provides a current snapshot of commission earnings within the UK property market. eXp UK's analysis is based on public data on average estate agency fees, regional house prices, and transaction times.