GERRARDS CROSS agent Roberts Newby has taken over the sales and lettings side of Michael Day’s Chalfont St Peter company Integra Property Services.

Mike Day has been in estate agency for 32 years and is one of the best-known professionals in the sector. He has sat on numerous committees that have advised the Government.

However, after two months when more than two thirds of his sales fell through, he decided enough was enough. He told the Bucks Free Press this week: “Bluntly my pockets are not deep enough to continue what is likely to remain a very tough market for a long time to come.”

He launched Integra four years ago and intends to continue the business by concentrating on consultancy and professional work. The agency has twice been voted the best in Bucks, both this year and two years ago - “our customers and clients loved us, unfortunately the market and the Government didn’t,” he said wryly.

He summed up: “The big issue which the Government hasn’t addressed is the inability of buyers – particularly first timers – to get mortgage finance. Tweaking stamp duty will not impact on this. Until this situation changes then the market will remain difficult. There will be a big pent up demand when the market turns, but also a lot of reticence among potential movers.

“The market this year has been some 50–60 per cent down on agreed sales, but nearer to 75 per cent down on actual completions as abortive transactions have increased, usually caused by a buyer getting cold feet right at the point of exchange.

“It’s been like playing snakes and ladders,” he said, “you work hard in a sale to climb all the ladders, making progress, avoiding or resolving all the pitfalls along the way only to find that at the point of reaching the last square a huge snake that resembles Gordon Brown sends the transaction slipping backwards again. When 80 per cent of my sales fell through in July and August I just had to take the big decision.”

Simon Roberts who with his partner Giles Newby has a 20-man team at the long established estate agency opposite the Ethorpe Hotel in Packhorse Road, Gerrards Cross said they’d been in negotations to acquire the sales and lettings arm of the Chalfont St Peter company for some months.

“Mike is one of the best estate agents I know,” said Simon on Wednesday, “but I think he was a bit ahead of his time in relying so heavily on the internet to attract business. We have always maintained a strong presence in the local paper as well as advertising on the web.

“It’s very tough at the moment,” he agreed, “our sales side is not doing anywhere near what we did this time last year. Fortunately we have a fantastic lettings and management business and that is 35 per cent up. We have one office, we have always kept one business and this is a time to be neat and tidy, but this is a land of opportunities. I would never rule out other opportunities.”

Meanwhile Mike Day is in the process of disposing of his offices in Lower Road. “On a positive note,” he concluded, “we have made a dignified exit doing the best for our customers and clients and retaining both the Integra brand and limited company. After all, I guess sometimes you have to be prepared to lose the odd battle in order to win the war.”

He can be contacted on 01753 480430.