IP-Properties in Felixstowe has closed just a year after the estate agency business was launched.
The owner of the compamy has decided to close the Suffolk branch because the business was not proving profitable.
Jamie Curran, who owns IP-Properties, told the press that he had closed the IP11 estate agents in High Road East in Felixstowe so he could put all his attention into the IP12 business he runs in Woodbridge and Woodcock & Son estate agents in Ipswich, which his firm also owns.
Curran added that it would in theory still be possible to market properties in Felixstowe through his other businesses, although the success rate behind this business strategy is likely to be limited.
Curran said: “I sold quite a few million pounds worth of homes in Felixstowe, but it got to the point where we were not doing as much business as we had hoped.
“I was spending thousands on Felixstowe when I could deal with Felixstowe from IP12 and Woodcock & Son.”
Curran added his staff at the Felixstowe branch would be moving to IP12 in Church Street, Woodbridge, including branch manager Amelia Garnham.
Very sensible. Surprised opened in first place..but well done for acting quickly.
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Looking at the numbers for 2021 and 2022 for IP11 both transaction volumes and transaction prices were well above trend; it was a very buoyant market with about 40% more business than the area usually does. 2023 was just below trend but so far 2024 is about 40% down on what could be expected.
I can see the reason they opened and the reason they’ve closed
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