Released on: August 28, 2008, 2:26 am

Press Release Author: Johnphilip Philip

Industry: Financial

Press Release Summary: The declaration of the HBOS about closing the 53 branches of
its Halifax estate agency has put the people under pressure. It has been revealed
that due to this shocking news there is a full chance of increasing unemployment
ratio in the country.

Press Release Body: HBOS is putting down 53 branches of it Halifax estate agency.

The banking group, which owns leading UK mortgage lender, Halifax, recently reported
a 72% collapse in first-half profit and has also been humiliated by its £4 billion
fundraising, which attracted the support of only 8% of shareholders.

It is now in the process of evaluating its business, no doubt taking into account
its own prediction that property prices will go down by up to 20% over 2008 and 2009
combined.

Estate agents have been early sufferers of the credit crunch.

Royal Institution of Chartered Surveyors revealed that, the average number of
property sales completed by its member's crash down to 14.4, or less than five a
month, over the three months to the end of July.

In the short-term the fall looks set to continue as large numbers of potential
first-time buyers either cannot have enough money or sheltered a mortgage or
continue in wait until they are confident that the market has back to the secure
position.

Halifax Estate Agents was commenced in 1989 and is one of the largest and reputed
estate agents in the UK.

No details of branch closures have been released although the group says it happened
for the sake of better future to be focused on core markets in the Midlands and
North, where it has 151 outlets.

The majority of staff affected by the closing of the branch and will be transferred
to similar roles in the group's banks. However, around 100 job losses are estimated.

The declaration of the HBOS about closing the 53 branches of its Halifax estate
agency has put the people under pressure. It has been revealed that due to this
shocking news there is a full chance of increasing unemployment ratio in the
country.

For more information please visit here: http://www.paydayloansnofaxing.org.uk

Web Site: http://www.paydayloansnofaxing.org.uk

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