One in five UK estate agents are at risk of going out of
business amid a growth in online companies, new research shows. Almost 5,000
estate agents are showing signs of “financial distress”, said accountancy firm
Moore Stephens. Traditional companies are likely to have higher property and
staff costs and are struggling to compete with low-cost, fixed-fee online
agents, said the report. The growth in property websites has also undermined
the role of estate agents, it suggested. The study follows a slump in profits
announced last week at two of the UK’s biggest estate agents. Read more on the
Guardian website.
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