Halifax shrinks estate agency arm by a quarter

LONDON (Reuters) - Halifax Estate Agents (HEA), the residential brokerage arm of one of the UK's biggest mortgage providers, is shutting down a quarter of its branches as Britain's depressed housing market lurches from bad to worse.

Halifax Estate Agents, a unit of Halifax Bank of Scotland HBOS.L, said on Friday it would close 53 high street branches by the end of 2008 in the wake of a "significant decline" in the number of house sales in the last 12 months.

Up to 100 jobs are expected to be lost and a further 450 employees will be required to transfer to similar roles within the company's retail banking network, HEA said in a statement.

The company did not give specifics on the location of the 53 branches but it said the closures would enable it to focus on core markets in central and northern England, where it has traditionally enjoyed stronger market presence.

(Reporting by Sinead Cruise; Editing by David Cowell)

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