Mayfair estate agent gives up on property sales
An Estate Agent based in the exclusive Mayfair area of London has given up selling property after 17 years in the business.
Johnathon Vandermolen, who founded his own Estate Agent business in the capital, has quit the property industry after the housing market collapse.
With house prices falling Nationwide, many house hunters have instead opted to rent in the capital.
Mr Vandermolen told the Evening Standard: "I couldn't make it work. Income from new homes was 75 per cent down on the previous year and my view of that market is not good in the long term."
The news comes on the back of Primelocation revealing that house prices in London's most expensive areas fell by a further three per cent in July.
Research published yesterday (August 26th) by mform.co.uk revealed that purchasing a house in London could require a deposit as much as £70,000.
Published 27th August, 2008
© 2008 Estates IT Limited
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An estate agent based in the exclusive Mayfair area of London has given up selling property after 17 years in the business.