An independent estate agency in Northampton has closed its office for good – just 18 months after launching.
Strada Real Estate has shut its only branch at the former Colemans stationery shop, located in a prominent position on St Giles Street, NN1, despite only opening the business after agreeing a 10-year commercial lease for the office in August 2022.
A spokesperson for the estate agency told the press that “market conditions were terrible for a start-up agency”, forcing the business to close.
The company has been late filing its account at Companies House, while a notice of forfeiture was attached to its front door by the property’s landlord, after several month of non payment of rent.
The estate agency, which employed five members of staff, was launched by Paul Campbell, who has worked in the property industry, specialising in law for 22 years.
Recent data released by TwentyEA, part of the TwentyCi Group, revealed that the UK’s high street sales and letting agents suffered almost 5,000 branch closures in 2023, as many agency brands disappeared or merged amid challenging economic conditions.
EYE NEWSFLASH: Almost 5,000 branches close in tough year for UK’s high street estate agents
Feel for this fella, opening just as Liz Truss delivers the mini budget of the century!
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By the time Liz Truss got into No 10 the market had died back 11 months before, after the last of the SDLT holidays.
The property industry has very clear patterns, those pattern repeat every so often. We’re in a period of depressed transaction volumes where people stay put rather than take a figure lower than they’d been expecting. Whether its a new office of an existing agency or a new startup the challenges couldn’t be more daunting.
If it were me I’d look around for the MIRAS start-up agents who’ve got through to now but without a proper succession plan will be grateful to hand the business to a new owner.
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Liz Truss was never in office long enough for any of her proposals to be enacted. The money men saw to that.
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Nothing to do with truss the market was already shot
Also Truss was gone very quickly
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I’ve been in this “thing of ours” for along time and the last thing I would have done in the last few years or even now, is open a high a street office, its never good seeing people lose their business.
We’re all trying to make our way through life.
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