Gathering storm claims more agency victims

Fears are mounting that more and more estate agents will go out of business between now and the end of this year.

Administrators to whom failed property businesses are being referred appear to be making no attempt to run the agencies or to find buyers, as some commentators now think that up to half of all high street agents will have left the sector by the end of December.

Last week, Halifax offices in Cardiff – run under licence by a franchisee – went into administration.

The three branches ceased trading with immediate effect and put notices on their doors advising clients.

A spokeswoman for Halifax confirmed the situation and said that banking facilities continued to operate from the premises concerned.

One local agent said: “The Cardiff estate agency market is experiences a massive shift with what seems an estate agency office closing every week.”

In London, flagship branches of well known agents have shut.

These include the Fulham office of Felicity J Lord – part of Spicerhaart – and the Knightsbridge office of Kinleigh Folkard & Hayward, one of London’s most successful and high profile agents.

Lettings business has been transferred to the Fulham branch, and sales to the Fulham and Mayfair offices.

Friend & Falcke has sold its premises in trendy King's Road, Chelsea,  and closed its Fulham branch. Managing director Simon Albertini said: “For many estate agents, the market we are experiencing this year is the most difficult they have encountered.

'We have been established for 49 years and survived through good markets, bad markets and downright terrible markets –  but none as bad as this.”

Further estate agency closures are expected across the country as transactions continue to nosedive.

Many agents are in debt to local and regional newspaper groups, with unpaid advertising bills, and a number have not been able to meet tax demands.