With an impressive leap to 20,105 firms from last year's 19,550, it's clear that managing properties is the new black. England, the epicentre of this legislative change, hosts a whopping 91.1% of these businesses.
London, unsurprisingly, is the reigning champ, housing 6,200 businesses, which is a hefty 30.8% of the sector. But don’t count out the rest of the UK! The South East, North West, and East of England are also making their mark, with the East Midlands leading the growth charge at an exciting 7.9% increase.
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Despite this boom, the sector is still a bit like a jigsaw puzzle—fragmented. A whopping 80.9% of these firms are tiny, with fewer than five staff members, and only a smidge, 0.9%, employ 50 or more. Financially, over 72% of these companies are turning over less than £250,000 annually, highlighting the small-scale nature of the majority.
Rushbrook & Rathbone’s research underscores that while demand for professional management services is skyrocketing—thanks to landlords grappling with new rules—maintaining top-notch service and compliance is crucial in this bustling market. So, as the property management world expands, keeping standards high will be the name of the game!
Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!
Access from your preferred podcast provider by clicking here
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