Saturday, May 17, 2008

EAs close down

Top estate agents firm close to collapse after credit crunch

One of Britain's largest estate agents has fallen victim to the slowdown in the housing market, prompting fears for thousands of jobs around the country. Shares trading was suspended in Humberts, which has 80 branches from Central London to Hampshire, amid doubts about its viability. Other companies, including Connells, the second-largest chain, have started to raise their fees in an effort to keep afloat as they struggle with an average 40 per cent decline in the volume of business since the new year

Posted by confused76 @ 08:36 AM (830 views)
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7 thoughts on “EAs close down

  • Surely they should be dropping Commissions if they are finding it harder to sell. Just because banks push up there rates, it doesn’t mean an EA can get away with the same trick.

    Also, what happened to all the money these EA’s made during the boom? Oh yeah, they spent it on sports cars, designer suits and luxuary apartments. Shame, if they had planned ahead they could have been fine during the drought.

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  • During the boom times, entire high streets became overrun with estate agents’ shops. Often they pushed out independent butchers and greengrocers which were already struggling. Now that estate agents are closing, what do you think will take their place on the high street? Ditto for the Starbucks and other coffee shops which will have to close as people tighten their belts.

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  • perhaps grocers and butchers may return with goods produced by local farmers as consumers concentrate on basics

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  • Landedgentry says:

    I walked past an agent yesterday and made hand gestures (no not those ones) with my hand falling down a slope mouthing the word “crash” and smiled my cheeky boyish grin. The 3 or 4 greasy haired clowns inside were not impressed.

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  • mark wadsworth says:

    I like the EA from Ipswich who said selling prices were down 15% this year.

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  • it_is_going_with_a_bang says:

    “Our lives are very hard at the moment.”

    Oh really? not making enough money to fill the Porsche up?
    Arrogant people. They talked this market up at any and every opportunity.

    No sympathy whatsoever.

    What goes up DOES come down after all eh? Including wages and bonuses for EA’s – shocker!!!!

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  • Humberts wobbly, Monks (Shropshire), Connells doing the WRONG thing. Why hike fees if noone will buy. The sales pitch is “NO SALE – NO FEE” So if the prices are still unrealistically high, noone will buy and, er, there won’t be a sale….. and then guess what, no fee. The time has come for a full on-line estate agency where all buyers can register. Perhaps Rightmove should rethink their business plan. If shareholders are quitting, then perhaps they can get some venture capital owners who will turn Rightmove (which has great brand awareness) into an online estate agent in competition to the ones going down the pan anyway? With overheads online and a lot of peoples details already registered – where’s the issue? Come on Rightmove – think about the future before people think your site is worthless.

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