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The Times' City Diary

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Today's City Diary in The Times has a small piece entitled "Sign of the times?"

On my way to work I pass a closed-down estate agent, the first that I have spotted so far at this stage in the business cycle. Of course, that still leaves several dozen more in the same suburban row of shops. But it's a start.

Tough competition, too many agents, slowing market... like the man says it's a start.


EAs will be the bear's best friend.

Edited by London-loser

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Yes and NO!

A HUGE percentage of Estate Agent Chains are owned by Banks and Building Societies across the UK.

They are the ones who have stalled the drops in the market because they can afford to be kept running longer without income.

They are the ones who have ramped house prices up year on year adding 10% rise for the 'spring bounce' adding another 10% rise for the Summer Seekers etc.

All the independents then have to quote the same ramped up prices (or more) to get the business from greedy clients. And so on. Higher and higher up the Helter Skelter!

Ronnie B. - RIP

"The marvelous thing about a joke with a double meaning is that it can only mean one thing."

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The thing is though the big chains are typically quoted stocks (or owned by quoted companies) so they cannot hide their pain from "the market" in the way a small EA might.

They have shareholders to satisfy... or the chief exec doesn't get his fat bonus.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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