Estate agents are shrinking. That’s according to Ordnance Survey, the national mapping agency.
Some 9.2% of estate agency offices have closed their doors since 2008, they report.
Their High Street demise is matched only by building societies and auction houses apparently.
There is an inevitability to this statistic of course and so no one should be surprised, not least the estate agency industry itself.
Transactional volumes are markedly lower than the 2007 peak, rents, rates and staff costs increase and yet traditional agents’ fees have been squeezed by sellers that are waking up to quite how unjustified their huge commissions are.
Home owners are also beginning to realise that online estate agents have arrived and are here to stay.
By contrast to the gloomy outlook for the property industry as a whole, internet estate agents eMoov.co.uk have doubled in size in just the last twelve months. Twice.
Low, low fees; customer friendly opening hours and an extensive presence across all of the UK’s property portals are powerful convincers.