Almost ten estate agencies a week will go bust this year.
The forecast comes from property management firm Apropos by DJ Alexander.
Official data shows that 371 estate agency business entered informal insolvency proceedings in the first nine months of this year.
The breakdown is 348 in England and Wales, and 23 in Scotland.
If the trend continues, this would equate to 494 for the entire year – 464 in England and Wales, the highest since 2014, and 30 in Scotland.
David Alexander, managing director of Apropos, which is promoting a high-tech solution for letting agents, said: “These figures highlight the impact that a declining high street coupled with a changing marketplace is having on the traditional estate agency sector.
“The problems faced by the high street are impacting on all businesses regardless of sector as we can see from the recent closure of Thomas Cook, the problems facing Mothercare, and the numerous restaurant chains which have closed their doors over the last year.
“These are issues of long leases, high rents and rates and declining footfall.”
He went on: “The specific issue for the estate agency sector is how to remain relevant in a market that is shifting relentlessly online. Ensuring you offer an appropriate and vital service to your clients is now not just important it is essential.
“Customers under 40 run their lives through their phones, tablets and computers. This group would never consider going into an estate agents’ office for information and they are the future, so the market must shift to cater for this group.”
He went on: “The days when estate agents had an office on every high street have gone.”