August 22, 2008
Halifax estate agency closures signal more mortgage woes
In another sign of the continuing decline in the UK mortgage market the Halifax Bank has announced that it will close over 50 of its estate agency branches. It is expected that the cuts will result in the loss of around 100 jobs. The lender blamed the closures on the credit crunch which has led to a downturn in house sales during the last 12 months.
Housing sales are reported to have fallen by 50% in comparison to last year’s figures.
The Halifax said that although 100 people would be unemployed because of the closures, another 450 staff would be redeployed to other branches.