Thursday, January 17, 2008
Gorgeous Merryn with some more bear food.
The managing director of a business broker told me that in the last three weeks he has been contacted by 17 estate agents, all looking to dispose of their businesses in a hurry. It is not, as the firm’s MD pointed out, a “ringing endorsement of the property market.” Estate agents don’t necessarily need house prices to keep rising to keep making good profits but they do need people to keep buying and selling houses. Whether they sell a house for £500,000 or £550,000 is neither here nor there to the average agent but whether they sell one of them or two houses is (that makes a difference of £10,000). Right now transactions are in free fall and likely to stay that way.