Halifax Estate Agents Declares To Shut 53 Branches

HBOS is putting down 53 branches of it Halifax estate agency.

The banking group, which owns leading UK mortgage lender, Halifax, recently reported a 72% collapse in first-half profit and has also been humiliated by its £4 billion fundraising, which attracted the support of only 8% of shareholders.

It is now in the process of evaluating its business, no doubt taking into account its own prediction that property prices will go down by up to 20% over 2008 and 2009 combined.

Estate agents have been early sufferers of the credit crunch.

Royal Institution of Chartered Surveyors revealed that, the average number of property sales completed by its member’s crash down to 14.4, or less than five a month, over the three months to the end of July.

In the short-term the fall looks set to continue as large numbers of potential first-time buyers either cannot have enough money or sheltered a mortgage or continue in wait until they are confident that the market has back to the secure position.

Halifax Estate Agents was commenced in 1989 and is one of the largest and reputed estate agents in the UK.

No details of branch closures have been released although the group says it happened for the sake of better future to be focused on core markets in the Midlands and North, where it has 151 outlets.

The majority of staff affected by the closing of the branch and will be transferred to similar roles in the group’s banks. However, around 100 job losses are estimated.

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