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Estate agents stare into the abyss

Friday, 16 May 2008 12:00 AM

The present malady in the UK property market could permanently damage the role of high street estate agents.

That is the view of Jonathan Haward, managing director of the County Homesearch Company, who argues only the very best agents will survive the present downturn.

"With 85 per cent of people already commencing their search for a new home online, the need for an estate agent presence on the high street office has been diminishing for some time," explained Mr Haward.

"Coupled with the current slow down in the market, we have now reached a tipping point with those with offices forced to close their doors over the coming weeks are unlikely to ever reopen them again.

"In fact I predict the number of estate agent offices in five years time will be half of what we have today."

New research from Debtwire finds some 150 estate agents have beenclosing each week during the first months of 2008.

Furthermore, research from PropertyFinder.com finds just 42 per cent of estate agents are presently optimistic about the future.

"However, regardless of online trends and market conditions, there will always be those clients who prefer to call into a branch," consoled Mr Haward.

"Estate agents who place an emphasis on excellent customer service are really in touch with the local market and those who adhere strictly to industry regulations will be the only survivors.

"As the market changes, rogue estate agents will become a thing of the past as only the best will survive, which can only be a good thing for our future buyers and sellers."

Chris O'Toole

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