The number of high street estate agents tumbled 9.2% in the two years between October 2008 and October 2010, according to Ordnance Survey.
Covering 27m high street addresses, the OS data also shows that the number of building society branches has fallen 28.2%, recruitment agencies are down 13.4%, and town centre pubs and bars are down 4.7%.
The only type of high street business to increase was betting shops. The rise is fuelled by a legal limit on the number of fixed-odds betting terminals. With only four allowed per shop, some betting businesses take two shops in the same high street.
Dan Hughes, sector manager of land and property at OS, said that Wales, the Midlands and north of England were the hardest hit.
Whilst pound shops and supermarket convenience stores see their future on the high street, many national chains are closing branches or relocating. Mothercare is taking its shops out to retail parks, whilst Arcadia is closing 400 high street stores and HMV is shutting 60.
It is thought that 15% of premises in high streets are now empty, although in some towns – for example Margate and Rotherham – nearly one in three is vacant.
Simon Rubinsohn, chief economist for the RICS, said: “The repopulation of estate agents’ shops relies on housing market transactions picking up and I’m not optimistic that will happen this year or next.”
Comments
I don't see this data as too much of a surprise due to market conditions.
The property market is forcing more agents to turn to lettings which is putting pressure on the small letting agents which tend to be the one's that are now struggling.
The independent agents like ourselves Swansea Property Agents have much lower overheads in general which helps us to continue through the hard times without cutting back providing the business is managed correctly.
Many of the letting agents go back to working from home and many of the EA's that have lost their jobs launch on-line agencies.
I expect there will always be a need for the traditional high street agent, but more and more will work on-line to keep overheads down. I started on-line, but you can only grow so much and continue to provide the same service.
Andrew- You are not the member of the public who likes an EA are you?
The estate agency business in our little Hampshire town is dominated by an independent that started up a couple of years ago.
We've just sold our house through them and all the other agents admitted they've lost market share and are struggling to compete.
In a business where local knowledge is important and personal service can make a huge difference, the committed independent will always have a place.
Interesting article in the Negotiator, the arrogant Countywide predict the “demise of the independent agency” in 2011 and expect Connells, LSL and them to grow market share. Poor old property sellers if that is true.
Trevor Kent and Moveinmove out.
Please politely pack in spamming the site. If you want to advertise, feel free to pay for it. Some of us want to discuss the topics in hand, not listen to you prattling on about irrelevancies.
We don't do probate valuations, repo valuations, matromonial valuations or relocation valuations anymore because they are such a waste of time.
We were just being asked to carry out valuations to make up the numbers and all the business was going to prefered agents in the town. So what was the point? We soon started to tell them to get stuffed. Either share the work around a little or start paying for our time.
More agents need to adopt this policy and start charging for our services. Offer them a refund if we are instructed, better still charge them and then refund it from our fees when the sale goes through! Then we can't lose!
With private sellers, we have a 85% chance of winning the instruction if we have been recommended and a 65% chance if they have never heard of us before, but spotted one of our boards etc. I'm not running round filling in pages of paperwork only to be told that the work has gone to the agency they always deal with!
Hail Trevor Kent.
I get your drift!
For the last 15 years before I retired I would not accept any unpaid for probate valuations. In my experience the chances of obtaining the instruction was much higher than one-in-three. Total waste of time.
Moveinmoveoutetcetc. You couldn't make it up. I hope Jeremy Clarkson is reading this.
Moveinmoveoutetcetc... : From your website - "Our team of dedicated support personnel are always on hand to guide, give advice and assist where necessary which means that no previous experience is necessary, although knowledge of the estate agency and property sector could be advantageous."
Oh, dear.
I'd very much like to know what proportion of my fellow agents are, like me, madly allowing families to have 'Probate Valuations" free. With, at best, a one-in-three chance of instructions are we seriously unhinged? Can you let me know here or on probates@trevorkent.com. Thanks folks.
Considering the mergers and resultant duplication that occurred within this timescale I would say that 9.2% is a perfectly acceptable figure, and far below what the market should have expected - proof that Estate Agents have a strong resilience AND confidence that what goes round, comes round.
Considering the 50% fall in property transactions in times since the boom (and long-term 'averages'), then I would hardly call less than ten percent a sign of the times - nor is it a 'tumble' as reported.
Hell - Woolworths' disappearance from the High Streets must have caused a 50% reduction in the numbers of retailers on most parades!
As far as the figures for reduction of bars & pubs - surely this is incorrect? It's a case of 'spot the open pub' in most towns now...
I would have thought that other businesses such as charity outlets would have scored higher on the list of emerging businesses than bookies - and CERTAINLY they not be the only 'winner' in a one-horse race.
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The only ones that seem to close in our areas are the corporates, who cannot compete with good independents level of service and presentation.