Countrywide and LSL problems help accelerate high street branch closures
Latest research also shows that estate agency branches are the fourth largest sector for closures after fashion, food and footwear.
A run on estate agency branches shutting up shop has contributed to a significant increase in the number of high street units being closed down across the UK. latest research shows.
The report by PwC and the Local Data Company reveals that estate agencies are the fourth largest category of high street closures at 143 during the first six months of the year.
This is significantly higher than last year and may be attributable in part to the closure programme initiated by both LSL and Countrywide.
In February this year it was revealed that 43 Your Move and Reeds Rains branches were to close, while Countrywide has been making an undisclosed number of branch closures.
The PWC/LDC research puts estate agency branches below restaurants, pubs and clothing shops for closures, but ahead of charity shops, banks and fast food restaurants.
During the first half of the year 2,868 shops closed on the UK’s top 500 high streets, or 16 a day, the reports shows.
“In our experience, retailers are being that much more cautious and risk averse as far as both planning for new store openings and in making decisions across their existing property portfolios,” says Lucy Stainton, Head of Retail and Strategic Partnerships at The Local Data Company.
“The reality is that UK retail space will continue to look very different over the coming years, and this is demonstrated by the sheer number of stores opening and closing on an ongoing basis.”
