Estate agents 'will find it tough in 2012'

Posted: 28 Dec 2011 12:24:54 GMT

Non-luxury moves are the only relocations taking place at present.

Estate agents are likely to find the going gets even tougher in 2012, judging by the comments of one expert.

Graham Lock, director of Housenetwork, has noted the market is at a historic low at the moment, meaning next year is likely to continue down a similar path.

The industry figure claimed the only moves currently taking place are ones of the non-luxury variety, adding: "So it's people who are getting divorced, relocating for work - all things that are being forced upon people."

In addition, the property market in London is likely to be significantly affected by another five per cent increase as a result of the Olympics taking place in the city next year - with the legacy of the Games impacting the direction the sector takes once the events draw to a close.

Mr Lock's comments come after the mayor of London Boris Johnson recently announced thousands of new homes are to be built in the capital over the coming years. 

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