Spiralling......

The spiral effect of a recession hits the headlines today, with the international markets now less convinced about the American plan to take over "toxic" debt.

At a local level, some estate agents in London are saying they're down to one transaction a week, if that. A search of Yell for estate agents in the N1 postcode comes up with 108. So if, say, their income is down to 2% on a £200,000 sale, that's £4,000 a week. When does that stop paying the rent/rates/staff ? And what happens to trade in Upper Street as their offices close ? This recession isn't going to turn round inside a year.....


Illustrated with a picture of Hotblack Desiato estate agents, whose Islington office provided the inspiration for one of Douglas Adams' characters in the Hitchhiker's Guide to the Galaxy.