Thursday, January 3, 2008

Estate agents start to contract as business evaporates

Fears of big cutbacks for estate agents as LSL closes branches

First large redundancies hit LSL Property Services, owner of the 290 Your Move offices as it closes 12 branches and cuts 315 full-time jobs, expect more to follow suit.

Posted by enuii @ 09:37 PM (817 views)
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9 thoughts on “Estate agents start to contract as business evaporates

  • This is good news and would be even better if that sucker of Judith Heywood lost her job at the Times

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  • here more colour on the estate agent misfortunes

    http://business.timesonline.co.uk/tol/business/columnists/article3129241.ece
    An unloved industry renowned for describing the pokiest cupboard as “deceptively spacious” may find itself ruefully applying that description to its own shrinking marketplace. Agents that expanded most aggressively in the good times are likely to suffer most. Small independents, well entrenched in their local communities, will better withstand the chill.
    So far confidence remains quite high, according to the National Association of Estate Agents. But other larger chains with the flexibility are likely to follow Your Move’s cull, even if things get no worse.
    If the experience of the early 1990s is repeated, the cutbacks could be speedy and brutal. Then whole chains were closed or drastically pared back overnight. For an industry now employing 50,000 people or more, that would spell jobs pain, and many more boarded up shop fronts on the high street.
    MWAUUU UHAHAH HAHAHHAH HAHAH HAHHAHAHHHAHHAHAHAHHAHHA

    and more press cuttings at
    http://news.google.com/news?sourceid=navclient-ff&rlz=1B3RNFA_enGB242GB246&tab=wn&ncl=1125718265&hl=en&scoring=d

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  • Simple, estate agents will have to advise their clients to drop their prices to get the market moving again and keep on asking them until they get enough business through their doors to cover their overheads again. Tough sh*t.

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  • tyrellcorporation says:

    What staggers me is the speed of the change in sentiment. This is exactly what happened in the summer of 2004 – market activity froze in it’s tracks. If IR cuts fail to breathe new life into the housing market over the next 4-6 months, I reckon the crash will be unstoppable.

    Always a pleasure watching EAs tapping their pens and doodling though! 🙂

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  • looking forward to fewer estate agents on our high streets

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  • it_is_going_with_a_bang says:

    soviet – “tough sh*t” …

    With a capital “I”….
    I would rather see rats infesting the streets of my town than any more estate agents.
    In the parade of shops near me 10 years ago there was 1 estate agent. Now 4.
    The town centre is has about 8 in 200 yards.
    I can see at least 25,000 jobs going just with estate agents.
    Add to that all the ‘service industries’ built up around them.

    Of course there is a solution. Sell houses cheaper and cheaper and cheaper …..
    Some of them might even get to keep their jobs.

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  • Wealthy Vagrant says:

    I currently live in the eurozone, and I’m really feeling the falling pound as I earn my money in pounds (for now).
    I’m now wondering how this will effect inward migration to the UK. The pound has fallen about 10% against the euro over the last few months, that essentially makes working in the UK 10% less financially attractive, if you’re a short term economic migrant and this is before you factor in the increasing living costs in the UK.
    With further falls in the pound likely and the prospect of coming job losses the inward migration of the last few years could potentially reverse, reinforcing the decline.

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  • crash bandicoot says:

    Ha! Whatever happened to market forces? I suppose that we need a 0.5% rate cut now not only to (try to) keep house prices stable but also to keep estate agents in a job. It’s about time for some reality to be injected into this silly country.

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  • “Estate agents start to contract as business evaporates”

    Ohhh..Diddums.

    I thought climate change meant more parasites? Wrong again Laura 🙁

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