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Hundreds of high street agents to go out of business

   

Tuesday 4th December 2012

An online estate agent has warned that hundreds of high street agents will go out of business over the next two years.

Adam Day, director of Hatched.co.uk, says that by contrast, online agents will flourish.

Day forecasts that within two years, online agents will account for over 10% of the market, putting 1,400 high street agents out of business.

He said: “For every online estate agent that opens, nine high street agents will close, saving the public approximately £350m in fees.”

Day is also predicting that more agents will be sued next year as a result of the Property Misdescriptions Act being ditched in favour of the Consumer Protection from Unfair Trading Regulations.

He said that more agents would come under scrutiny and warned that consumer protection is a ‘catch all’ law which is not specific to the property market.

Day also forecasts that the big property portals will hold out against listing passive intermediaries, the new breed of agents who will be allowed to operate outside legislation.

Day said: “The amendment of the Estate Agents Act aims to encourage these property portals to list private sellers and intermediaries on their sites, which they do not want to do.

“The battle against property portals not listing private sellers and the coverage that this should generate will educate the public on the benefits of using estate agents.”