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21

Estate Agents Aren’t Having a Great Time in Britain

By Tony Seruga

Gap widens between home values and wages, hurting deal volumes
Weak demand in prime central London is now spreading outward

Britain’s largest property brokers are cutting jobs, closing branches and raising capital even as homes sell for record amounts. While some companies have blamed Brexit and tax hikes for a drop in transactions, high values have put off many other buyers.

Demand for housing dropped to a six-month low in February, according to the Royal Institution of Chartered Surveyors. The widening gap between home values and wages means brokers including Countrywide Plc and Foxtons Group Plc are closing fewer deals while being undercut on fees by online companies….

Estate Agents Aren’t Having a Great Time in Britain

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