5 October 2009
Richard Suchet, Sky News reporter
The popularity of online property websites has placed the future of the traditional high street estate agent in doubt - forcing businesses to adapt to web-focused consumers to ensure their survival, industry leaders say.
The days of the estate agents' 'big shop front' may be nearing an end.
In the last two years, one in four estate agents in the UK has closed down.
Meanwhile, the online property market has been booming, with a 35% growth this year in the number of property searches on Google.
Property search engine Rightmove says that 90% of all homes on the market can be found on their site.
Philip Bullman, of the NAEA, told Sky News Online that the internet posed a threat to high street branches but insisted that there would always be a role for an agent. "I do think there's an opening for a virtual estate agent out there but you still need the local experience and the people on the ground," he said. "Most buyers don't like to negotiate face-to-face with the seller over prices and they prefer to use a middle man. "Home Information Packs (HIPS) can also be quite complicated and many people would want an agent to sort that for them. "But yes, I think maybe the day of the big shop front is nearing an end."
Source: Sky News
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