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One of Plymouth鈥檚 best known estate agents has closed after 27 years of trading, blaming online competition, reduced fees and a lack of houses on the market.

Maitlands Estate Agents Ltd was an award-winning company which has employed more than 300 people during nearly three decades in business.

But growing challenges from what it described as 鈥渢he changing world of our business鈥� meant the firm was not generating enough income and so directors made the 鈥渁wful鈥� decision to cease trading.

It means the immediate closure of three offices in Plympton, Ivybridge and Saltash. . A separate business, Maitlands Residential Lettings, is unaffected by any changes and will continue operating.

Andy Blacklock, managing director at Maitlands Estate Agents, said he was 鈥渄evastated鈥� and 鈥渄eeply saddened鈥� to have to close the business he started.

He said: 鈥淭his decision, as you can imagine, has not come lightly. Having formed the original business in 1994, me and my team have grown the business over the years employing nearly 300 staff since its formation.鈥�

But he stressed that the past few years have been a struggle and said: 鈥淚t has seen our model come under extreme pressure as a traditional estate agent with high street locations, paying not only rents but business rates and employing staff.

鈥淲ith new competition and new models we have seen massive pressures on fees being reduced, at a time we have seen rising costs and a serious lack of property stock post the pandemic boom locally.

鈥淒espite our best efforts to diversify into new markets including new home sales, we have been unable to produce the incomes required to sustain the business.鈥�

Mr Blacklock added: 鈥淗aving being involved in over 10,000 local property transactions over the years and being very much part of our communities, I would personally like to thank every single client that has supported us over the years, and to every single member of our team that have worked so hard to deliver a high-class service and genuinely caring for every client they have dealt with.

鈥淚 hope those that have dealt with us over the years know how hard we have worked to deliver an experience that was different from many other agents.

鈥淎s you can imagine, this has been the hardest decision I ever made in business and I would ask anyone that may know those that may be affected by this decision to give them the support they truly deserve.

鈥淢aitlands has never just been a job for me and my team but a way of life and I hope every single member of the Maitlands team will soon be doing what they are great at soon.鈥�

Mr Blacklock set up Maitlands in 1994 with just two staff. As it grew and added three more offices, staff levels increase to more than 40 people by 2012. Prior to the Covid pandemic, Maitlands employed 16 staff across its remaining three offices.

During its halcyon days, the company won several national awards, and in 2011 took gold for best small South West agency in the Estate Agency of the Year Awards, in association with The Sunday Times and The Times.

In the same awards, the firm鈥檚 Fine and Country brand won the best marketing category and the agency was ranked among the best in the country for its work in the community.

It also won a South West gold gong at the Daily Telegraph Estate Agents of the Year awards in 2004. Four years later Maitlands won the best network newcomer award by Home Sale Network, a national network of 750 independent estate agents.

However, the entire home selling industry has been disrupted by technology and economic factors beyond its control. In 2018, a study by accountants Moore Stephens found 153 estate agency firms went insolvent in the year to May 2018, a small increase on the 148 the year before.

But it also found more than 7,000 estate agents 鈥渃urrently show signs of financial distress鈥�. During the Covid crisis, estate agents were protected by the furlough scheme and other Government support.

However, a post-Covid boom, assisted by the Stamp Duty holiday, meant 1.5million properties are forecast to have changed hands in 2021, marking the housing market鈥檚 busiest year since 2007.

But there are challenges ahead with increasing hike in house prices now outstripping wages, and the prospect of an interest rate hike looming. And it is expected that 2022 will be characterised by continued undersupply, and with the combination of increasing house price growth and upward rents it is expected a highly competitive market will also see significant barriers to mobility, particularly for first-time buyers.

The latest Red Flag Alert report from Begbies Traynor said 1,248 Plymouth businesses are in significant financial distress with real estate and property topping list, followed by bars and restaurants.