One in six UK estate agents has been forced to close for business over the last twelve months due to the recession, according to new research.
A study by The Local Data Company revealed that 142 estate agencies across the UK’s top ten cities closed between October 2008 and October 2009, equal to 15.8 per cent of the total estate agency market.
The worst hit were chains of five units or more, with 54 outlets lost (16.8 per cent) compared to 89 independent agencies (15.2 per cent).
A spokesperson for The Local Data Company said: "As the symbol of ghost town Britain with swathes of unsold flats, Leeds was the worst hit with 26 per cent of outlets closing, Bristol, Liverpool, London and Glasgow all followed with 16 per cent."
Halifax suffered the largest number of closures, based on national figures rather than just the top 10 cities. The company shut nearly a third (30.6 per cent) of its branches, taking the number of Halifax estate agencies from 147 to 102.
Bairstow remains Britain’s biggest property provider, with 174 outlets compared to 218 in 2008, a drop of 20.2 per cent.
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Recession Continues To Take Toll On UK Estate Agents Thu, 17 Dec 2009
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