More than 200 Estate agents have opened in London in the past year, at a rate of one every 1.6 days, despite a crippling lack of supply and decline in transaction.
Online estate agent HouseSimple.com carried out the research that found there are some 2,900 Estate Agents in the capital, outnumbering the total of independent butchers, greengrocers and fishmongers.
Other boroughs which have seen steep rises in the number of Astate Agents include Islington (26.1pc) and Hammersmith and Fulham (15.9pc).
The only Borough where there was a decline in the number of agencies was Enfield, which has six fewer than the previous year.
On One hand it is making more competitive market and creating more options for client . Further it is breaking the monopoly of few Agents who are running according their rule and earning billions pound’s extra. However, Real Estate market is not regulated and anybody can open Estate Agency without complying to the law and having the necessary knowledge about the industry, which is the main reason of why there are several rogue agents in the market who not only exploit the market but cheat the landlords as well as tenants.
In our opinion, The Government should be required to make law that will be compulsory for every person who wants to enter into this industry .