Estate Agents struggling as homeowners stay put

STAFF at an estate agency have been the latest victims of the recession, laid off after a slump in property sales.

Martel Maides director Keith Enevoldsen said that as more people grew concerned about their job security, fewer were choosing to move house.

‘It is a vicious circle,’ he said. ‘People aren’t moving because they are worried about their jobs, so agents do not make any money. An estate agent’s largest overhead is staff, so that is the cloth we have to cut to fit the market.’

Martel Maides was recently forced to close its Bridge branch due to lack of trade. That resulted in the loss of two jobs and two more were lost after the business cut back at its office in Town.

‘We have had to reduce the number of people working for us. Some we have had to lay off and others have been the subject of natural wastage.’

And Martel Maides is not the only one suffering in the economic downturn.

‘Other estate agents are all struggling for the same reason.’ (from thisisguernsey)