A lettings firm has warned that ‘many more’ sales and lettings agencies in the UK may close as Brexit and the tenant fees ban bites after a competitor recently shut up shop.

Last week leading Exeter sales and letting agent Clear Property (pictured, above) closed down, leaving many customers out of pocket and at least nine staff looking for new jobs.

The remaining sole director of the 12-year-old company Kelly Forster said the award-winning and family-owned agency had closed in part due to a downturn in the local housing market.

She has said that Brexit had led to ‘stagnation’ in house prices in the local market, leading to a ‘significant reduction’ in fees for the agency recently.

Its many former tenant and landlord clients are directed to Somerset-based insolvency practice Hawkins. Many have complained about being many ‘thousands’ of pounds out of pocket on social media.

But one of the business’s former competitors, Star Letting and Property Management also based in Exeter, has told local media that more closures are likely.

“[The Clear closure] is a very sad story that is not nice to hear, especially when it is a local independent business having to make such a difficult decision to close their doors and let staff go,” says its MD Cara Khadaroo (left).

“However, we believe the upcoming tenant fee ban and Brexit will affect many more lettings agencies around the country in the coming months.”

Khadaroo told DevonLive that her company has been working hard over the past year-and-a-half to prepare for the tenants fees ban.

“Our mindset was to ensure that staff keep their jobs and property management continues to be of a high standard,” she says.