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Estate agents face 15,000 job losses

Friday, 6 June 2008 12:00 AM

The credit crunch will cost 15,000 estate agents their jobs in 2008, according to a report released today.

The Centre for Economics and Business Research (CEBR) claims the business service sector is in for a "tough couple of years" as the economy stalls, and estate agents will be among the first casualties, with five per cent of the workforce losing their jobs.

Architects and lawyers will also suffer job losses from the housing market downturn initially, followed by consultants, research and development firms and accountants in 2009.

Jorg Radeke, one of the report's authors, said: "Although unlikely to be the victims of the credit crunch that will garner the most sympathy, estate agents and others involved in managing real estate are likely to find the next 12 months particularly tough and there will be extensive job cuts.

"The only silver lining for this part of the business services sector is that 'what comes down must go up' and as real estate is among the first to face the economic downturn it will also be among the first to benefit from a future economic upturn."

Chris Brown, president of the National Association of Estate Agents, said: "I have no doubt people in the estate agent profession will lose their jobs but that is an enormous figure.

"There will be casualties, but I think some of them will be people associated with the profession."

The business services sector as a whole will suffer over the short-term, the report said.

For the first time since 2001, the industry is set to decline, and CEBR predicts there will be one per cent fewer people employed in 2009 compared to 2008, equivalent to 40,000 jobs.

The Bank of England finds mortgage approvals remained at historically low levels during May.

Furthermore, research from Halifax finds house prices feel 2.4 in May alone - bring annual declines to 3.8 per cent.

Sarah Routledge

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