Stone branch latest victim
An estate agents in Stone has closed down as its parent company became the latest victim of the financial crisis.
An estate agents in Stone has closed down as its parent company became the latest victim of the financial crisis.
Heywoods has applied to be put into administration after being hit by the slump in house sales.
Its branches in Stone, Hanley, Longton, Stoke-on-Trent, Congleton and Macclesfield have all been closed, with the loss of 23 jobs.
The company's Eccleshall branch closed two months ago when the lease on the High Street property expired, with one part-time post being lost.
But the firm's office in Newcastle-under-Lyme will continue trading while a buyer for the company is sought.
Managing director Chris Stops blamed the move on the downturn in the property market.
He said: "It's down to the credit crunch and the fact that mortgage lenders don't want to lend to people."
In August, Shropshire-based estate agents Barbers closed its offices in Mill Street, Stafford, after going into administration.
Its offices in Newport, Shrewsbury and Telford town centres also closed, with the loss of 60 jobs.
Estate agents Jaymans withdrew from Stafford a few months ago and is now handling properties in the area through its offices in surrounding towns.
Halifax closed 53 of its estate agents branches nationally in August as a result of the housing market downturn, axing 100 jobs.
The number of UK property sales has fallen by 53 per cent in the past year, according to HM Revenue & Customs figures.
It was revealed this month that estate agents are selling, on average, less than one house a week.
The Royal Institute of Chartered Surveyors said each of its members had sold an average of just 11.5 homes during the three months to the end of September, the lowest level since its survey first began in 1978.
Estate agents in Staffordshire and the West Midlands have reported mixed fortunes, although all report a sharp decline.
According to the latest statistics, repossessions in Stafford rocketed by more than 70 per cent between April and June. There were 120 new cases in the town, representing a 71 per cent increase on the same period last year.
