With the report of a 10.5 per cent slump in UK house prices for August, thousands more estate agents could lose their jobs. By the end of the year, reports indicate that 10,000 estate agents could find themselves out of work if the market doesn’t pick up.
Already, the estate agency industry has seen 4,000 redundancies . The total fall in estate agent numbers would account for some 15 per cent of the industry.
An investment manager at Hargreaves Lansdown, Ben Yearsley, was reported as commenting: "If the housing slump continues much longer, we are likely to see 10,000-plus jobs going. Unless something substantial happens in the next two months, the position is just going to get worse. The only thing that will free things up is if banks and building societies come back to the mortgage market and facilitate sales."
The figure exceeds previous National Association of Estate Agents predictions that 6,000 would lose their jobs.
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10,000 estate agents could lose jobs Fri, 29 Aug 2008
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