Estate agents jobs at risk due to housing downturn
July 1, 2008
The downturn in the housing sector, which has been fuelled by the global credit crunch, tighter credit conditions, and falling house prices, could result in many thousands of estate agents losing their jobs, according to a recent report. Many industry sectors have been adversely affected as a result of the slump in housing sales and mortgage availability, and the estate agency industry is just one of a number of industries that are likely to suffer as a result of this.
A recent report from the Centre for Economic & Business Research claims that around fifteen thousand estate agents could lose their jobs as a result of the housing downturn, which makes for worrying reading. With house prices expected to continue falling many people are cautious about taking the plunge and buying a property, which has severely affected the sale of houses. In addition to this the tightening of credit conditions means that even those that are keen to buy may struggle to get a mortgage, which is simply adding to the problem.
One industry official said that the problems were all down to the global credit crunch, which swept across the nation last summer, stating: ‘The irony is that there is no shortage of people who want to move house, but without mortgages they just can’t do so. Estate agents are having to close because there just isn’t enough movement in the housing market and that is likely to have a much wider impact because a healthy housing market is essential for the health of the high street.’
However, it is not only estate agents that are set to suffer as a result of the housing downturn. Many officials in other industries are also set to see business slump, such as solicitors, removal firms, furniture retailers, independent financial advisers, and various other officials from a number of related industry sectors.
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