300 estate agents a month quit property website

The crisis facing estate agents was laid bare today as property website Rightmove said that up to 300 members were quitting the service each month.

Rightmove, which last month axed 60 of its 300-strong workforce, said use of the website has plummeted as estate agents go out of business. Membership numbers have fallen 15 per cent to 10,700 from 12,600 a year ago with between 250 and 300 agents leaving every month between August and last month. A record 500 estate agents quit the site in July.

Rightmove said at least three out of every four which have left have either gone bust or were removed for not keeping up with membership fees. Estate agents on average are selling one home a week although many in London are struggling to sell two a month. Rightmove finance director Graham Zacharias said: "An estate agent's business is guided by transactions more than the price of houses and those transaction volumes are down to at least half the levels they were a year ago."

Rightmove has between 80 per cent and 90 per cent of homes for sale in the UK advertised on its website but has been hit by the slump in the housing market.