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Article: Estate agents' fees rise as property slump hits home; CREDIT CRUNCH: Some estate agents have reacted to the falling number of house sales by increasing commission rates.
- Article from:
- The Mail on Sunday (London, England)
- Article date:
- August 31, 2008
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Copyright informationCOPYRIGHT 2008 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kurt Bayer
ESTATE agents are increasing their fees in the latest blow to the struggling housing market.
The move follows a disastrous drop in their income.
A survey of estate agents across the country found many have responded to the slump in sales by raising their commission.
Tony Perriam, director of residential sales at Rettie & Co, which sells properties across the Central Belt, said: 'We do charge higher fees on average for new instructions.
'This is a reflection of the fact that fees are fewer in number, harder won and involve significantly more input over a longer period than was the case in the stronger market of the past ten years.
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......plans to close 53 of its estate agents branches across the UK as a result of the housing market downturn. The closures...following the changes Halifax Estate Agents would concentrate on its...generate cost savings. Estate agents have been hit hard by the...National ...
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