Experts have warned that up to 50,000 estate agents may lose their jobs in the next year
As many as 50,000 estate agents could lose their jobs by next Autumn because of the worsening economic crisis, experts today warned.
Economists said the collapse in the housing markets meant the true figure would be double previous predictions of 15,000 job losses, with some experts forecasting at least 50,000 out of work by next year.
The panic has led to some businesses making desperate attempts to secure their survival, with one estate agent even converting part of his office into a cafe to generate extra income.
Ben Read, managing economist at the Centre for Economics and Business Research, said the toll of job losses would be shocking.
He told the Evening Standard: ‘It will definitely be worse. The housing market has dropped significantly more since May and the outlook for the next nine months is pretty ropey.
‘Because of the worsening situation in the economy you could easily expect that figure of 15,000 to go up by 50 per cent. The true figure could even be as much as 50,000.
‘Most estate agents have let go significant numbers of staff and are working on skeleton staff. I’m sure it will surprise everyone how bad it is.’