Letting agents 'bucking the downturn'

News Category: Industry News

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Despite the recession, a businessman is planning to launch a new network of estate agents and letting agents across the south-west of the country, reports the North Somerset Times.

Richard Nightingale is the man behind the new venture and he believes the impact of the economic downturn has left a gap in the market for property agents to exploit.

He noted that a number of estate agents have been forced to close following the onset of the credit crunch, so his business plans to take advantage in anticipation of economic recovery.

"We believe it's the right time to become established," Mr Nightingale told the newspaper. "Yes, it's quiet now, but we are able to invest and hope to be ready when the market picks up."

However, some local letting agents could already be defying the recession, as landlords have seen tenant demand go "through the roof" after many Britons have struggled to get on to the property ladder since the economic downturn began, Your Move managing director David Newnes said last month.

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