Could we lose estate agencies?
EVER since I worked in the economic services section of the Welsh Office in the mid-1980s, I have been a student of economic and social history.
I firmly believe there are parallels between the last decade and the ten years leading up to the 1929 Wall Street Crash.
The big difference is that in 1929 it was shares which were the vehicle for financial self-destruction, whereas in 2008 it is residential property.
Estate agencies are closing at the rate of 150 a week, with 4,000 jobs going since January.
It is possible that we will see a repeat of the property slump of the early 1990s, where all estate agencies in some market towns closed down.
However, this time around, the more far-sighted estate agents are turning themselves into residential letting agencies, given the boom in private rented accommodation.
It will be interesting to see if this happens across Fenland over the next couple of years.
JOHN SMITHEE,
Kingsley Avenue,
Wisbech.
The full article contains 170 words and appears in n/a newspaper.
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Last Updated:
14 May 2008 9:00 AM
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Source:
n/a
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Location:
Fenland
