One-third of the UK’s estate agents could close this year.
Movewithus, the UK’s biggest network of independent estate agents, estimates that around 4,000 of the country’s 12,000 agents are at risk as a direct result of the credit crisis.
Director Robin King said sales within his network have dropped 30%-50% in the past six months.
Some estate agents have already started making staff redundant, and closing poorly performing offices.
Norfolk-based Property Shop closed nine of its 10 offices this month before parent company Alexander Partnership went into administration.
King said: “The government tends to focus on banks, but the crisis will reach catastrophic levels unless it pays attention to various industries reliant on the housing market. It is vital for agents to price correctly, get properties to the market promptly, and sell to the right buyer at the right price as speedily as possible.”
He added that surviving agents would gain business as others close. “There will always be property to buy and sell.”
