Marsh & Parsons restructures business as London housing woes bite

Marsh & Parsons has slimmed down its operations amid challenging market conditions for prime London real estate. In 2018, sale volumes in the prime London market fell by 15% as house prices dropped 3.8%, according to LonRes. The number of new instructions fell by 14%, while more prime homes were removed from the market than were sold. The high-end estate agent has restructured its land and new homes team and closed the division’s headquarters on New Oxford Street. The move has resulted in a number of high-profile exits, as well as relocations to some of the firm’s high street branches.