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Published Date: 06 May 2008

Up to 150 estate agents branches are closing every week according to new research

Estate agents pay the price of the credit crunch

It is estate agents that are becoming the real victims of the credit crunch, with up to 150 branches closing every week.

Figures released today by financial analysts Debtwire show that the number of estate agents has fallen from 13,000 at the start of the year to about 12,000.

And it's believed the speed of closures is increasing.

Each branch employs an average of four agents, meaning up to 600 people a week are losing their jobs.

The credit crunch is to blame because the banks are being more careful who they are giving mortgages to. That, twinned with the general slowdown in the housing market, means there is less business about for estate agents.

The National Association of Estate Agents says it is an ironic situation, as there are plenty of people who want to move house, but they can't get the mortgage they need.

Other reports out this morning also suggest that removals firms have laid off hundreds of staff. This is after a 26 per cent fall in the number of properties changing hands over the last 12 months.

Last Updated: 06 May 2008 11:55 AM

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