Estate agents ‘shutting up shop’ as debt woes worsen

Estate agents around the country are closing their doors as millions of consumers struggle to maintain control of their debt management problems, it has been suggested.

Figures compiled by financial data provider debtwire have shown that there are now almost 1,000 fewer estate agents open for business in the UK than was the case at the start of 2008.

In recent months, money lenders have been restricting the number and range of deals they are willing to offer homeowners and as a result estate agents have been left with a reduced demand for their services.

Peter Bolton King, chairman of the National Association of Estate Agents, commented: “The only way things will improve is when banks and building societies start to open up their lending criteria so people can borrow money and then the housing market will start moving again.”

Last week, the deputy governor of the Bank of England Sir John Gieve suggested that the cautious approach being taken by money lenders in the UK is hindering the effort to improve the overall economy.