Estate agents struggling to overcome the effects of the economy downturn may never be the same again, according to market intelligence provider Key Note.
The company, which has been providing commercially relevant market information for almost 30 years, claims that by the time the industry recovers from the effects of the global financial crisis it "will not bear any resemblance to the one we see today".
In their latest Estate Agency Market Report, Key Note predicts that both the number of transactions and estate agency revenue will continue to decline, with no sign of recovery likely "until at least 2010".
Forecasting further, the report claims that by 2012, there will be fewer estate agents in business and certainly far fewer on the high street "given the growing power of the internet ".
"Estate agents will increasingly look to advertise on the internet and boost their online profile in the future," the report added.
"The housing market has been on a roll for 13 years and a sizeable proportion of estate agency staff have not worked in conditions as difficult as those they are now facing," Key Note continued.
"Many may lack the experience required to survive in such a problematical market, and some of the younger estate agents might well withdraw from the marketplace."
The report concluded: "It is expected that a period of restructuring will result in a smaller market and that more people will be selling property without using an estate agent ."
"Given the current dismal state of the property market and the opportunities for development on the internet, there are suggestions that the market as we know it today may not exist in 10 years' time."
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Dramatic Changes Lie Ahead For Estate Agency Profession Thu, 09 Oct 2008
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