Hamptons staff placed on consultation

6 January 2009

A number of industry sources have told Mortgage Strategy that staff were placed on consultation yesterday.

The firm is owned by Dubai-based property firm Emaar, one of the world's largest property firms by market capitalisation, and is a division of UK estate agency chain Hamptons International.

A spokeswoman for Hamptons International was unable to confirm whether staff had been placed on consultation.

But she would confirm that Hamptons Internation was carrying out a strategic review of its mortgage business.

She says: "This is a continuing part of the evaluation that has been carried out across all areas of the Hamptons’ business and income streams to date in response to challenging market conditions during 2008.

"The Hamptons Mortgages review will consider whether to provide mortgages in-house or explore other referral options.

"A decision will be made later this month." 

She adds: "All relevant staff have been notified of the review and will be consulted as part of the process. 

"It would be inappropriate to offer further comment on this issue until the full review is complete.”

One source says that the move is a "major blow" for the London broker community.

They add: "Not withstanding the recessionary pressures one wonders whether the decision has been taken prematurely."