Estate agent job losses predicted

Estate agents will be the latest victims of the credit crunch, with thousands of job losses forecast for the end of the year.

The Centre for Economics and Business Research (Cebr) has predicted that during 2008 the workforce in the industry could be reduced by 5%, which follows news this week from the Royal Institution of Chartered Surveyors that the number of house transactions per surveyor fell to the lowest level since 1978.

According to the Cebr, a loss of 15,000 estate agents will mean the sector has suffered from the knock-on effects of the unstable economy and slowing property market.

Other professions such as accountants, consultants, architects and lawyers have also bore the initial brunt of the slowdown in the economy.

One of the authors of the report, Jorg Radeke, remarked that the next year will be hard for the real-estate industry.

'Although unlikely to be the victims of the credit crunch that will garner the most sympathy, estate agents and others involved in managing real estate are likely to find the next 12 months particularly tough and there will be extensive job cuts,' he stated.