Credit crunch shuts third estate agents

Another estate agents has closed in a Midlands town, the third in just a few weeks, due to the global credit crunch.

The branch of Your Move, in Worcester Street, Kidderminster, closed its doors on Monday.

Staff at the office said the nearest branch of Your Move was now in Bromsgrove and Kidderminster customers were being encouraged to go on-line to search for property instead. Property Wall, also in Worcester Street, closed on May 29 after the company went into liquidation.

Cooper Lavender in Oxford Street also closed its doors last month after the death of a partner and a downturn in sales.

A worker at the Your Move store said: "It was costing too much in overheads to have the office here.

"A lot of business now is done on-line."

Property Wall opened in June 2003 and the company became known for creating an advertising "wall" in the Swan Centre where people could pick and choose properties.

It previously had a second office in Dudley but this closed down some time ago.

Joph Young, speaking on behalf of chartered accountants Smith and Williamson, said: "The housing market is facing tough times and it's unfortunate this has happened."

Estate agents are not the only firms to be hard hit in Kidderminster.

Wyre Forest Removals, in Rosemary Road, was forced to lay off four staff in February as there is so little work.

Company owner Mark Parker said: "The trade usually starts to pick up in March and we would be doing by now about four or five days' work a week. However, now we are only doing one or two days."

Trade at NMS removals, at Harriers Trade Centre, Aggborough Stadium, is down about 50 per cent.

Boss Neil Malek said: "Trade is very poor at the moment as people are not buying houses."