Top economist loses job in estate agent cutback

The_Conductor

Link here

Estate agents firm Hooke & MacDonald has made its economist Geoff Tucker redundant in a move that reflects the difficulties being experienced by the sector.

Mr Tucker, a highly respected commentator on the property market, is among eight people being let go by the leading estate agency.

A string of other estate agents have laid off people as the housing and commercial property markets have steadily declined over the course of the year.

Declined

Savills has let 15 people go in the last 18 months, the company said yesterday. Managing director Augus Potterton said transactions business was down, but parts of the commercial property business remained strong.

CB Richard Ellis boss Guy Hollis said his company let 13 staff go in June and eight in September.

Hooke & MacDonald's Ken MacDonald said the slowdown meant it was necessary to adjust staff numbers at the firm. People in areas such as administration and graphic design had been let go.

He acknowledged that economist Geoff Tucker had been a key member of the estate agency's operations but a decision had been made to retain staff in fee-generating activities.

Mr Tucker recently said house prices had fallen by 30pc, a view that contradicts the Permanent TSB/ESRI house price index which says they are down by 10.6pc over the past year.

Mr Tucker's estimation of house price falls is seen as a more realistic reflection of what is happening to prices.

An associate director at Hooke & MacDonald, Mr Tucker worked previously for Fitzpatrick Associates economic consultants, and for Forfas. He is widely recognised as one of the leading experts on the property market in this country.

Leading estate agency Sherry FitzGerald confirmed yesterday that it has laid off 20 people out of its 259 staff and cut the working hours of several more in an effort to stem losses.

The_Conductor

Schadenfreude?

gurramok

Pity they didn't highlight his previous comments throughout the bubble up until recently.

"highly respected commentator" - do not think so, more like a conman and a serial liar.

Classic stuff from 2006.
http://www.finfacts.com/irelandbusinessnews/publish/article_10005845.shtml

According to Geoff Tucker, Economist with Hooke & MacDonald, there is no sign of any let-up in demand in the residential property market. “Demand is set to intensify over the next two years, as the population continues to increase and the economic environment remains very supportive. Even though interest rates are on the way up, the scale and timing of the increases means they are unlikely to lead to any slowdown in the market. The Irish residential property market is on course for a period of sustained growth that will last for the foreseeable future.”

https://www.tribune.ie/article/2006/jan/01/buying-in-2006-just-follow-the-train-line/

But the market is looking good for the year ahead, according to Geoff Tucker, economist with Hooke & MacDonald.

"Contrary to the claims published in the recent medium-term review 2005-2012 from the ESRI, the housing market won't experience a collapse in construction or prices in the coming years.

El Stuntman

if Dan McLaughlin and Austin Hughes got the sack too, then this would be a Very Good Day