UK Money News
14th April 2008
Thousands of estate agents set to close
Estate agents have been warned to brace themselves for a slew of closures this year, as the slowdown in the property market continues.
The warning was issued by Robin King, a director of estate agent network, Movewithus, who predicts that at least 4,000 estate agents will have closed their doors by the end of 2008.
This represents a third of the 12,000 house sellers in the UK, the Times reports.
His projection comes after National Association of Estate Agents recorded a fall in the number of properties for sale from 83 to 74 between January and February this year.
Meanwhile, Movewithus has reported that sales through its network have fallen by between 30 per cent and 50 per cent this year.
Mr King said: "People may not like estate agents, but if they are doing well, everyone else is too. If no one is buying and selling, it is a sign that no one is making any money
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