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and so it begins...
One of Britain's biggest estate agents has cut jobs and closed branches as the volume of sales tumble to the lowest level since the country's last house price slump in the late 1980s.
LSL Property Services, the owner of the estate agencies Your Move and Reeds Rains, has shut 12 branches and eliminated 315 jobs in a move that signals the slowing market will take its toll on estate agents this year.
Life is unlikely to get any easier for estate agents this year
Simon Embley, chief executive of LSL, said: "All people are worried about is property prices, but it is transactions that don't get picked up on.
"The UK overall has been hit quite hard - with a 40pc drop in transactions," during the second half of last year.
Mr Embley added that the volume of transactions could drop to a record low of less than 900,000 for the 12 months to the end of June 2008, down from a current average of about 1.3m.
LSL Property Services, the owner of the estate agencies Your Move and Reeds Rains, has shut 12 branches and eliminated 315 jobs in a move that signals the slowing market will take its toll on estate agents this year.
Life is unlikely to get any easier for estate agents this year
Simon Embley, chief executive of LSL, said: "All people are worried about is property prices, but it is transactions that don't get picked up on.
"The UK overall has been hit quite hard - with a 40pc drop in transactions," during the second half of last year.
Mr Embley added that the volume of transactions could drop to a record low of less than 900,000 for the 12 months to the end of June 2008, down from a current average of about 1.3m.
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