'Commercial property agencies in recruitment freeze during credit crunch'

Most of the UK's commercial property agencies have put a freeze on recruitment as the credit crunch continues, according to research.

Some 73 per cent of the country's top agencies say they are going to hold or decrease staff levels, Property Week reports.

The study, by cvmail, part of Thomson Reuters, also shows that 13.3 per cent will reduce staff numbers.

But nearly three in ten (27 per cent) agencies say they will be increasing the number of employees.

Andy Eddleston, commercial manager at cvmail, told the website that the slowdown in commercial property transactions appears to have shaken agents, leading to a pause in their expansion.

He said: "Commercial property prices have weakened and developers and investors are finding it far harder to secure cheap bank debt."

Mr Eddleston believes that long-term growth in staff numbers is assured and added that commercial property is seen as a key component of diverse investment portfolios.

Last month research by Cushman and Wakefield reported that the commercial property market is expected to recover towards the end of the year, despite a drop in deals in the first quarter of 2008.

Martin Slowe Property Services are Commercial Property Consultants offering a full range of Commercial Property Services.