A newspaper claims that 1,228 estate agent branches closed on Britain’s High Streets last year.
The Mirror’s business editor, Graham Hiscott, says the fall is down to online agents taking some market share, the struggling housing market and rising costs.
The story, unusually, gives no source for the figures, although the Mirror says it’s part of a High Street Fightback campaign it is waging.
“Though 780 branches opened, the 3.8 per cent fall was a significant difference to the 2.5% drop in 2017. It means 4,870 estate agents shops have shut since 2015” claims the paper.
The newspaper goes on to mention Countrywide’s falling profits and Purplebricks’ fees - but fails to mention the recent branch closure programme announced by LSL’s Your Move and Reeds Rains, or high profile offices shut by the likes of Foxtons.
You can see the story here.
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Surely not all closures represent the market tightening ? The online agents have equally been struggling. After years of good times it's now a lot tougher market place BUT there is still plenty business out there.
Stuart Forsdike
PCS Legal
Everyone is struggling.
But it is clear there are too many EA and LA for the business available.
Clearly a huge consolidation is required.
This will result in businesses being on a far more stable footing.
Bluntly there are simply too many LA and EA.
Business fitness requires consolidation.
This consolidation will provide a far more effective service.
Such businesses need to have more properties under management to ensure viability.
This includes all these online offerings.
They need to consolidate as well.
There are clearly too many industry participants for the business available.
There needs to be a drastic culling.
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