Upmarket estate agency cuts workforce by 25%, it is reported

A well-known upmarket estate agency has cut its workforce by up to 25%, it has been reported.

The claim has been made by a national newspaper over the weekend, which says The Modern House has made the cuts to reduce costs after it grew rapidly during the pandemic but now faces a tougher sales market.

Its annual accounts at Companies House reveal that the estate agency expanded from around 30 employees before the pandemic to 60 last year.

Details about the London-based but national company and its workforce on the firm’s website confirm that its headcount has recently been reduced from 61 to 44 people.

The Guardian says most of the job losses are within its marketing and editorial department.

The Modern House, which deals in homes that are modernist or inspired by the architectural movement also has a sister operation for upmarket but traditional homes called Inigo.

Both estate agency operations are operated from its plush but minimalist HQ in the fashionable Borough area of the capital and its founding directors Albert Hill and Matt Gibberd (main picture) have often tried to distance the business from traditional high street estate agents and, perhaps unwisely, has not ventured in lettings – something that often helps its less arty rivals survive downturns.

estate agency

The Modern House and Inigo have both also tried to specialise in high-end property details including a glossy magazine and stylish property listings both on its own website but also Zoopla and Rightmove.

The Modern House was founded in 2005 to appeal to vendors and buyers of architect-designed homes and at one point claimed that such homes sell for 12% more than traditional properties and signed a deal with paint brand Farrow & Ball.

The Negotiator has contacted The Modern House for comment.