Thursday, 3 January 2008

Estate agents - the great shakeout begins

The crash is definitely on for estate agents. The recent decline in UK property prices might be modest, but the collapse in house sales is dramatic. With mortgage approvals down over 43 percent compared to last year, the prospects for estate agents is rather bleak.

Today, LSL Property Services, the owner of the estate agencies Your Move and Reeds Rains, began the long awaited cull. It has shut 12 branches and eliminated 315 jobs.

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