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Quarter of Halifax estate agents to shut

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Date: Friday 22 Aug 2008

LONDON (ShareCast) - The gloomy housing market has forced the Halifax to close 53 of its estate agency branches, the bank confirmed Friday.

The loss of more than a quarter of its 204 branches will put 100 people out of a job, although the other 450 working at the affected offices will be redeployed elsewhere in the business.

Halifax said it will now operate 151branches in its core markets in the Midlands and the North.

Estate agents have taken a pounding since the credit crunch forced mortgage rates up last year and as house prices started to tumble. Sales are down by a half on last year.

Earlier this month, the Halifax said house prices dropped 1.7% in July, that’s 8.8% lower than a year ago and back where they were in June 2006.

It blamed dearer finance, the crisis in the financial markets and the pinch on spending power for the drop off in demand and subsequent slip in prices.

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