Insurance News Archive

Estate agents 'reviewing the way they work'

The slump in the property market may cause lasting effects on the manner in which estate agents operate, according to one expert.

Coupled with the credit crunch, the housing slump will determine how these professionals will work when they come out "the other side", the National Association of Estate Agents has claimed.

Peter Bolton King, chief executive of the organisation, has commented on how advertising and communication may change in the industry, with the internet boom perhaps causing agencies to move from "massive new high street offices" to online portals.

"So I think estate agents will evolve and won’t necessarily be operating in the way they are at the moment," he remarked.

According to the RICS Housing Market Survey from September 2008, in the three months to the end of September estate agents sold an average of 11.5 properties, bringing the weekly level of transactions down to 0.88.

This compares to a weekly average of 5.25 sales per week over the same period of time the previous year.

28 Oct 2008