Estate agents put the brakes on as vendors spooked by Brexit pull out of deals

A specialist property recruiter says that Brexit uncertainty causing sellers to pull out of deals has led to estate agency bosses sitting on their hands when it comes to hiring.

Property Personnel managing director Anthony Hesse said on Friday: “Crucial decisions are being left unmade and anything which extends this period of uncertainty will only exacerbate the situation.

“Only this morning, we had a vacancy from one of our main clients rescinded – and that was directly because of the Brexit delay.

“We’re seeing this more and more as estate agencies lose members of staff but are not sure whether to replace them. And I predict that this problem will get worse the longer the Brexit uncertainty drags on.”

He added: “We had a very good start to the year – but now everybody is just waiting.

“Estate agents are part of this cycle.

“If vendors start pulling out of deals because they are reluctant to commit, then the market starts to fall, and it doesn’t take long for those involved with the process of buying and selling to be hit too.

“Regardless of whether you voted leave or remain, we can all agree that uncertainty about the UK’s future relationship with Europe is continuing to be a major drag on the housing market.

“And it’s highly unlikely that market activity will pick up until the situation is resolved.

“Only then will estate agents be comfortable enough to be able to make significant hiring decisions again.”

Hesse’s comments follow the latest twists and turns in the UK’s constitutional crisis, with Brexit possibly now being delayed until the end of October.

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6 Comments

  1. Property Poke In The Eye

    2019 is survival of the fittest.

    Let the tenant fee ban come in on the 1st June.  Its game over for at least 30% of agents.

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  2. James Wilson

    There are a far, far too many people trying to make a living taking money out of the process of buying and selling properties.  Like the decline of the high street, this is a 20/30 year trend that will result in an industry unrecognisable from what we see today.

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  3. AgentV

    The indicators are that we are close to recession because people have stopped spending  and moving on with their lives. The last quarters figures indicated larger than expected growth, but much of that was put down to companies stockpiling. I will be very surprised if the next quarter is a positive figure.

    We need a bounce that only final certainty of what’s going to happen can deliver.

    Ideally we don’t want the next two quarters to be negative.

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  4. Mothers Ruin

    Abolition of the S21 announced today won’t help one iota.

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  5. Itsallajoke

    S21 abollition ?:-More poorly thought out Gov policies continue to bombard the industry into submission !!-or is this the plan all along ?. Rents increasing  through the roof & landlords packing in causing further housing shortage ?- i wonder why?-

     

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    1. Mothers Ruin

      @itsallajoke

      I really wish it was all a joke…..

      Report
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