Long established London estate agents, Friend & Falcke, having gone into administration in July, has now been sold off.
MacIntyre Hudson, accountants, are the administrators and have agreed a sale at an undisclosed sum to Thamesview Estate Agents.
Mick Sanders of MacIntyre states that they are assisting other estate agency firms with ‘difficulties’.
This is the second high profile estate agency firm failure that we have come across just this week.
Unfortunately, the writing really is on the wall for UK estate agents that insist on maintaining an archaic and inefficient business model. Especially one that is so expensive to its consumers.
Despite the likes of Countrywide, Savills and Connells posting big profits recently, the independents that don’t have mortgage income, insurance commissons, consultancy, commercial and survey arms to bolster profits, are set to suffer. Not just due to the challenging housing market currently but simply because house sellers are beginning to realise that there is an alternative to paying £3000/£4000 plus to sell.