Foxton’s Feels The Property Pinch

And predictions claim up to a third of all estate agencies could close

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According to reports this week up to a third of estate agents will be forced to close if the property market continues to drop.

Some agents have already started making redundancies and have closed some of their poorer performing offices.

And it seems that no one is exempt from cutbacks after it was revealed that dozens of staff have left their jobs at Foxtons, one of the capital’s most lucrative agents. At least 63 staff left the company in February alone following poor sales figures.

Foxtons is not the only Chiswick agency to feel the pinch. Hamptons is reportedly in financial trouble due to tumbling sales figures.

According to the Land Registry just 8,444 houses were sold last December compared with 14,502 the year before.

April 15, 2008