Estate Agency Closures

staffsuk

Reported on Midlands Today - Heywoods one of North Staffordshires oldest (1881) and most respected (?) estate agents has closed all but one of its branches and applied for administration.

MD said:

"I've been involved in selling properties for 28 years. "House builders are not building, banks are not lending and building societies almost don't exist."

http://news.bbc.co.uk/1/hi/england/staffordshire/7701802.stm

So that's seven more charity shops in the pipeline :rolleyes:

ad44downey

There's alot more closures to come thank god. Our high streets might return to some sort of normality in time though

baby_boomer

In time, being the operative word.

It's not exacly the best economic environment to open up a new consumer outlet - so I think we are likely to see a few gaps in the next couple of years - next to the charity shops!

Four have gone in Kidderminster in the last few months as EAs feel the credit crunch - Best of Kidderminster link

"...The property market in Kidderminster has dwindled to such a degree, as to make closure the only viable option."

Two gone in Leek

Worcester News - Award Winning EA, Premier Places, stops sales to focus on lettings

"...The closure of the sales side of the company that only last year won the Daily Mail best agency in Worcestershire award will come as a further blow to the local property market, following the demise of two other Worcester-based operations, Hunters and Williams, over the last six months."

183 year old estate agents closes its doors in Worthing

"..People aren’t buying houses unfortunately.."

That rather sums it up!

lynzpower

Hello again :wave:

Heres a few more for your interest

Field & Sons , london SE11 shut its doors. Kennington cross v vulnerable to EA closure, My guess is atkinson mcloud next- they seem to have gone down to 1 solitary member of staff ( playing solitaire )

Elliot County - central norwich

Terra nova- london NW10

Mitchells property management- Norwich

Xavierz- SE11- near oval station- hasnt been open long.

and the dreafully named Euro Pine, Kilburn has gone.


City Dwellings, salmon lane london E14 ( the booming dockalnds)
Phew that was only in 2 days driving :eek:

ad44downey

Keep 'em coming! Two-thirds of these vultures have to go

Dan:_4

ad44downey wrote: »

Keep 'em coming! Two-thirds of these vultures have to go

I hate seeing redundancies, never a good thing for anyone. However, if you were to lose your job I might just have to laugh out loud.

baby_boomer

Countrywide joins company danger list as S&P downgrades its rating and warns that it could run out of cash in the next 12 months.

Cost cuttings and asset sales are going to be needed.

Sunday Times

"Countrywide – owner of Mann , Bairstow Eves and John D Wood, the west London chain....

....The group showed operating losses of £29m in the nine months to September 30 and reported a 33% decline in revenues to £327m, according to an S&P report last week. It lowered its long-term corporate credit rating on Castle HoldCo 4, Countrywide’s holding company, to CCC from B, “due to concerns over the company’s ability to meet its debt-servicing commitments”...."

Old_Git

there will always be enough EA around ,a few thousand less wont make a difference .

baby_boomer

This is Money

RightMove reports 1,900 EAs have left their site over the last 12 months =15%

Over 3/4 of these are due to EA closures = around 12% of agents who were associated with RightMove have closed for business

Just another 38% of closures to go?

zcacmxi

In the past year, three estate agents have closed in Sidcup High Street:

Bairstow Eves
TG Baynes
The Property Base

The remaining agents, especially Alan De Maid, Halifax & Village Estates are still valuing property as though it is boom time, so there are few sales completing. These agents have property on their books from a year ago, and not reducing the prices on new valuations.